Shell completes sale of interest in Malampaya, Philippines
Shell Petroleum said on Tuesday it has completed the sale of its 100% shareholding in Shell Philippines Exploration (SPEX) to Prime Infrastructure Capital subsidiary Malampaya Energy XP after final consent from joint venture partners and regulatory approval
This sale completion transfers control of SPEX from Shell to Prime Infra effective November 1, 2022. SPEX staff will continue their employment under the new ownership.
SPEX, under the ownership of Prime Infra, will continue to own a 45% operating interest and be the operator of the Malampaya gas field. The other members of the Service Contract 38 consortium are UC38 LLC, a subsidiary of Udenna Corporation, and PNOC Exploration Corporation (PNOC EC). They respectively own 45% and 10% participating interests.
“Since operations began in 2002, the Malampaya gas field has supplied an important part of the Philippines’ energy demand through the dedicated work of our partners and staff, past and present,” said Zoe Yujnovich, Shell’s Upstream Director. “This sale supports our strategy to create a resilient and competitive Upstream portfolio”.
This deal has no impact on other Shell businesses in the country. The Philippines remains an important country for Shell after over a century of successful operations. Shell will continue to pursue opportunities in the Philippines where it can leverage its global expertise in line with its Powering Progress strategy.