The Hague, May 21 - Neftegaz.RU. Shell has stuck a deal to sell its 45% operating interest in the Malampaya gas field offshore Philippines for up to $460 million.
The buyer is Malampaya Energy, a subsidiary of Udenna Corporation.
It has swooped for Shell Philippines Exploration (SPEX), a subsidiary of the British-Dutch giant, which holds 45% of Service Contract 38, which includes Malampaya.
The deal is expected to go through by the end of this year.
Wael Sawan, Shell’s upstream director, said:
- Since it began commercial operations in 2002, Malampaya has supplied a significant portion of the Philippines’ energy demand and it will continue powering the country with indigenous gas following a safe transition of the asset and its experienced workforce
- Today’s announcement is consistent with Shell’s efforts to shift our Upstream portfolio to one that is focused on 9 core positions
It stressed the Philippines remained an important country for Shell after over a century of operations.
SPEX received its license to operate in the Philippines in 1991.
Malampaya began its commercial operations in 2002.
The other partners in SC38 are UC38, a subsidiary of Udenna Corporation (45%), and Philippine National Oil Company Exploration Corporation (10%).
Author: Mark Lammey
