Published May 25, 2021, 4:08 PM
Lopez-led First Gen Corporation confirmed that it remains very keen on buying the ‘banked gas’ that can still be extracted from the Malampaya field.
According to Jerome Cainglet, vice president of First Gen, “we have expressed our interest to purchase the banked gas for use of our gas-fired plants.”
He qualified that since the 2016 bidding set by the Philippine National Oil Company (PNOC), which is the government entity now owning the banked gas, First Gen continued “to be interested if PNOC will sell the banked gas.”
It was PNOC President and CEO Reuben S. Lista who indicated to Manila Bulletin that several parties still have standing offers to purchase the fuel – and he named First Gen, along with Phoenix Petroleum Philippines Inc. of businessman Dennis Uy and state-run Power Sector Assets and Liabilities Management Corporation (PSALM) as the prospective takers.
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Metro Manila (CNN Philippines, May 24) The government will still step in to review the multimillion-dollar deal between Davao-based businessman Dennis Uy and Shell Petroleum N.V. for the acquisition of a majority stake in the giant Malampaya gas field, the energy chief said Monday.
Uy has moved to double his company s controlling stake to 90% in the offshore gas facility, baring last Thursday the agreement of his Malampaya Energy for the purchase of Shell Philippines Exploration B.V. s 45% operating interest.
Following the transaction, the government s Philippine National Oil Company-Exploration Corporation will be left with the remaining 10%.
In a statement, Department of Energy Secretary Alfonso Cusi said the agency was not involved in the selling, the bidding, or negotiations of Shell s stake in Petroleum Service Contract No. 38 (SC38).
Listed firm Phoenix Petroleum Philippines Inc., another company of businessman Dennis Uy, is reportedly offering to buy the Malampaya ‘banked gas’ of state-run Philippine National Oil Company (PNOC) that had been previously valued between $700 million to $800 million, approximately P33 billion to P3
12:36 PM MYT LONDON, May 23 (Reuters): Royal Dutch Shell has agreed to sell its stake in an offshore gas field in the Philippines for US$460 million as part of its strategy to narrow its oil and gas operations.
Shell sold its 45% stake in Service Contract 38 (SC38), a deep water licence which includes the producing Malampaya gas field, to a subsidiary of the Udenna Group which already holds a 45% stake in the project.
The base consideration for the sale is US$380 million, with additional payments of up to US$80 million between 2022 to 2024 contingent on asset performance and commodity prices, Shell said in a statement.
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