Shell exits Philippine gas field after US$460mil deal
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 c...
Source: thestar.com.my