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Davao s Dennis Uy acquires Shell s Malampaya stake
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Published May 20, 2021, 5:33 PM
Davao businessman Dennis Uy’s Udenna has been chosen as the buyer of the 45-percent stake of Shell Philippines Exploration B.V. (SPEX) in Malampaya, giving him ultimate majority control in the country’s commercial gas field.
In an announcement made by SPEX’s parent firm Royal Dutch Shell plc, it stated that its corporate vehicle Shell Petroleum N.V. signed an agreement with Uy’s Malampaya Energy XP Pte. Ltd., a subsidiary of Udenna Corporation for the purchase of the shares of Shell in the project.
The Malampaya gas field uses an innovative and sustainable deepwater technology for recovering natural gas from the deepwater reservoir in northwest Palawan. ( note: image from shell.com – google)
Davao s Dennis Uy acquires Shell s Malampaya stake
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Metro Manila (CNN Philippines, May 20) Davao-based business tycoon Dennis Uy further cemented his status in the Philippine market, with a majority stake in the Malampaya gas facility now under his belt.
Shell Petroleum N.V., in a statement on Thursday, said it has signed a sale-purchase agreement with Uy s Malampaya Energy for the sale of its 100% shareholding in Shell Philippines Exploration B.V. or SPEX.
SPEX has a 45% operating interest in the Malampaya gas field.
The deal means the Davao businessman won over the bid of tycoon Manny Pangilinan. San Miguel Corporation and Petron president Ramon Ang had also previously shown interest in pursuing the project.
EnergyShell exits Philippine gas field in $460 mln deal
Reuters
3 minute read
The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw, Belgium January 30, 2019. REUTERS/Yves Herman/File Photo
Royal Dutch Shell (RDSa.L) has agreed to sell its stake in an offshore gas field in the Philippines for $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 $380 million, with additional payments of up to $80 million between 2022 to 2024 contingent on asset performance and commodity prices, Shell said in a statement.
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