Latest news with #Lotilla
GMA Network
2 days ago
- Business
- GMA Network
DOE downplays Israel-Iran tensions impact on fuel prices
The Department of Energy (DOE) on Friday brushed off the potential upward pressure on retail prices of petroleum resulting from the tensions between Israel and Iran. 'We will have to take a look at the actual impact, we should not engage in speculation at this point that will duly alarm our people,' Energy Secretary Raphael Lotilla said at a press conference in Taguig City. The Energy chief noted that actual prices of petroleum are still far from the peaks 'we have experienced since the start of this administration.' 'We have as high as more than $100 per barrel. But right now, even with the these incidents they have not spiked to that extent yet,' Lotilla said. 'Event if it reaches the higher levels, the likelihood of a significantly higher prices will be minimal,' he said. A report by Reuters said Brent crude futures rose 9.07% to $75.65 a barrel on Friay, after Israel struck Iran. Israel said early on Friday that it struck Iran, and Iranian media said explosions were heard in Tehran as tensions mounted over US efforts to win Iran's agreement to halt production of material for an atomic bomb. Lotilla, however, said the Philippine government has no control of the situation. 'Let us hope that the passage to the Gulf of Hormuz is not going to be impeded. While Saudi Arabia has committed to an increase in oil supplies and has an alternative outlet in the Red Sea portion of its territory… It has to pass through the Gulf of Hormuz,' the Energy chief said. DOE Undersecretary Alessandro Sales, for his part, said that 'in the medium term, the pressure is for oil price to be stable in that region.' 'When I say low, it's between $60 and $70 [per barrel] because the OPEC+ has already made a decision to gradually ease the restriction of their supply … their own self-imposed supply restrictions,' Sales said. 'There are estimates that by next year because of this, loosening up of their restrictions, the world supply will be an 'oversupply' by close to a million barrels,' the DOE official said. — BAP, GMA Integrated News
The Star
16-05-2025
- Business
- The Star
Philippines eyes ambitious plan to export green power in Asia
MANILA: The Philippines is looking at exporting renewable energy to Taiwan and other countries, Energy Secretary Raphael Lotilla (pic) said, a lofty strategy that would take advantage of surplus capacity. There are ongoing discussions between officials in Manila and Taipei, he said. "It's not only Taiwan that has approached us but other countries in anticipation of excess capacity in renewable energy,' Lotilla told a media briefing on Thursday (May 15). Still, the strategy is among the most ambitious efforts to export clean energy in Asia. The region has struggled and largely failed to create cross-border transmission networks despite decades of proposals due to political and technical hurdles. Talks with those in South-East Asia are being made in the context of the Association of South-East Asian Nations' power grid, an initiative to interconnect electricity grids in the region, according to Lotilla. "In the case of Taiwan and others which are not members of Asean, then we will have to look further into the regional framework for those.' The Philippines is among South-East Asian countries with aggressive plans for clean-power projects with the government easing investment restrictions and policies to attract domestic and foreign cash. The nation is aiming to increase the share of renewable energy in its power generation mix to 35% by 2030 and 50% by 2040. But it had to pause from accepting and processing renewable contracts for five months last year following a flood of applications. Taiwan has been considering building renewable power plants in nearby countries like the Philippines and importing the generated electricity to feed the needs of its manufacturers. Taiwan's Economic Minister Kuo Jyh-huei said earlier this month that green energy imports from the Philippines could help reduce the carbon footprint of Taiwanese exporters as costs could remain under NT$5 (17 US cents) per kilowatt-hour. The Philippines' Department of Energy is also looking to award this year contracts for two gas exploration projects in Sulu Sea and another one in Palawan province, Undersecretary Alessandro Sales said. Manila has been working to explore other parts of the country that are potentially rich in oil and gas as talks with Beijing on joint resource development in the South China Sea are stalled by tensions between the two nations. - Bloomberg
