Two areas in the Bataan peninsula and one in Batangas have been identified as the areas that could serve as the ideal locale for the terminal.

Manalac - who is London promoting the Philippines' plan to offer 46 blocks to international companies to help source for new energy supplies - has confirmed that several "neighbouring countries with large supplies of natural gas were already looking at the [terminal] project" but he did not name them. The countries that best suit the description are Indonesia, Malaysia, Australia and Brunei.

Earlier this year, the likes of BP, Qatar Liquefied Natural Gas Co Ltd and Marubeni Corp had also shown interest in such a project.

The Philippines already produces around 260 million cubic feet per day of natural gas. However, with crude oil output at only 600 barrels per day (bpd), it is forced to import up to 300,000 bpd of crude in order to satisfy local demand.