IRR for Downstream Gas Industry issued.(Business)
The Department of Energy has already promulgated a circular setting the interim rules and regulations that would govern the development of the downstream natural gas industry, particularly in the areas of transmission, distribution and supply.
The rules issued was contained in Department Circular 2002-08-005, which was drawn up based on Executive Order 66 issued by President Arroyo in January this year.
Under the Chief Executives order, the energy department was designated as the lead agency for further development of the local natural gas industry.
The circular was signed yesterday in the presence of various industry players in the natural gas sector.
Energy secretary Vicente Perez, Jr. noted that the drafting of interim rules is hinged on studies and exploration activities indicating that there remains a significant untapped potential of natural gas reserves in the country.
We want to maximize the development of these gas reserves and bring it down to the end-users to increase our energy self-sufficiency. But we need a clear set of guidelines to make this happen, Perez pointed out.
Natural gas is being touted as the fuel of the future, an environment-friendly fuel that can be used for power generation, industrial, commercial, residential and transport use. …