Shell Petroleum N.V. has signed a deal with Malampaya Energy XP Pte Ltd, a subsidiary of Udenna Corporation, for the sale of its 100 percent shareholding in Shell Philippines Exploration B.V. (SPEX). Shell Petroleum N.V. has signed a deal with Malampaya Energy XP Pte Ltd, a subsidiary of Udenna Corporation, for the sale of its 100 percent shareholding in Shell Philippines Exploration B.V. (SPEX). 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 revealed. Subject to partner and regulatory consent, the deal, which is said to have no impact on other Shell businesses in the country, is targeted to complete by the end of this year. SPEX staff will continue their employment under the new ownership, Shell highlighted.