Texaco gas project in RP

Texaco gas project in RP

MANILA (DPA): Texaco, one of the world's largest oil
companies, Thursday acquired a 45 per cent stake in a US$2 dollar
gas development project in the western Philippines, President
Joseph Estrada said.

Estrada said Texaco's investment in the Malampaya Natural Gas
Development project off Palawan province, 600 kilometers
southwest of Manila, was "a sign of the continuing confidence of
the international business community in the Philippine economy".

Malampaya, a deep-water gas field, is believed to contain more
than 2.5 trillion cubic feet of natural gas and 85 million
barrels of condensates, enough to generate 3,000 megawatts of
electricity for more than 20 years.

It was discovered in the late 1980s by Occidental Philippines
(Oxy), the local subsidiary of the U.S.-based Occidental
Petroleum. Oxy later took in Shell Philippines Exploration B.V.
as partner. In 1998, Shell took over Oxy's interests.

Estrada said Malampaya is expected to deliver its first gas by
2001 and to meet 16 per cent of the country's oil requirements by
2002.