THERE is a low probability of liquified natural gas (LNG) supplies running low because of multiple potential sources worldwide, First Gen Corp. Vice-President Jerome H. Cainglet said.
“With respect to the supply (of liquified natural gas) potentially becoming scarce or potentially running out, because we can get it all over the world, the risk is low,” he said at a hearing of the House committee on energy on Tuesday, adding that at least 100 years worth of gas supply is currently available.
Mr. Cainglet also assured the panel that it will honor the current pricing agreements with the government, “whatever happens.”
“If the provisions says we submit this bid, and whatever happens, under the same terms, mawalan ka ng existing supply mo (if your source runs out), you get it from others, you get paid under the existing terms,” Mr. Cainglet said.
Meanwhile, Rep. Sergio C. Dagooc of the Association of the Philippine Electric Cooperatives (APEC) Party List said that the panel should be careful in drafting House Bill (HB) 3031, the proposed Downstream Natural Gas Industry Development Act.
“We must be very careful in drafting this bill (to ensure that the) objective is realistic, attainable, hindi ’yung imagination lang ng kung sino-sino (not according to anyone’s imagined outcomes),” he said.
Pampanga Rep. Juan Miguel M. Arroyo, who is also the Senior Vice Chairman of the House Committee on Energy, said that “safety nets for the people must be specified” in the bill.
HB 3031 provides a “comprehensive and integrated legislative framework that would serve as a pillar towards achieving the rapid development of the country’s natural gas sector.”
The measure specifies the role of the Department of Energy (DoE), the Energy Regulatory Commission (ERC), operators, and other stakeholders in the development of the natural gas industry.
The bill has been pending with the House Committee on Energy since Aug. 5, 2019. A similar bill was filed in the Senate by then-Senator Francis G. Escudero in the 17th Congress but failed to be enacted. — Genshen L. Espedido