Malampaya funds represent the royalties that the government collects from the Malampaya gas project in Palawan. Started in 2002, the $4.5-billion project involves the extraction of natural gas from the waters off Palawan. It is operated by Shell Philippines Exploration B.V. and Chevron Malampaya LLC, which holds controlling shares in the project. PNOC Exploration Corp. holds a minority share. The service contract provided a production-sharing scheme in which the government gets 60 percent of earnings from project operations, after deducting certain charges. Citing its territorial jurisdiction over the project, the Palawan government demanded 40 perc...
Keep on reading: In The Know: The Malampaya Gas Project
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