bhpp, page-11

My understanding is that the Philippines has a ready market for the gas and that any development timing coincides perfectly with depletion of the adjacent Malampaya field which currently supplies the bulk of their energy needs. I was interested to note that the Philippine Government did not grant BHP the full 18-month extension they requested to find a suitable rig (12-months) and have been actively trying to assist in the hunt for a rig, so they are clearly motivated. The official view of the Energy Department is that Cinco is the most likely candidate to secure their energy future.

Gas prices are good, no LNG project required.

G'luck