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Shell offloads Philippines gas field
Shell has agreed to sell its 45% operating interest in service contract 38 (SC38) offshore Philippines to a subsidiary of local group Udenna for up to $460mn, the Anglo-Dutch major reported on May 20.
The company revealed to
NGW it intended to divest the asset in September last year. The Malampaya field, discovered in 1991 and brought online just over a decade later, supplies gas to four power plants on the island of Luzon. But it is expected to run dry by 2027, according to the Philippines energy department.
The sale includes platforms, a 504-km pipeline that carries Malampaya s gas to Luzon and an onshore gas plant, along with other infrastructure. Shell will receive at least $380mn for its stake, and potentially up to $80mn between 2022 and 2024 based on how the asset performs and prices. The deal is expected to be closed by the end of the year.
SHELL PETROLEUM N.V. has forged an agreement with Udenna Corp. subsidiary Malampaya Energy XP Pte Ltd. for the sale of its 100% shareholding in Shell Philippines Exploration B.V. (SPEx).
March 2, 2021 | 12:09 am Font Size
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THE head of the MVP group of companies said on Monday that he was looking at acquiring the stake of Shell Philippines Exploration B.V. (SPEx) in the Malampaya gas-to-power project off the northwest Palawan coast.
Manuel V. Pangilinan, chairman of Manila Electric Co. (Meralco), said that his group had recently submitted a non-binding offer to the operator of the country’s only natural gas field.
“We’re looking at acquiring the share stake. We have submitted our final non-binding offer to Shell,” he said during a briefing on Meralco’s operating and financial results for 2020.