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Shell finds $460 million buyer for stake in Philippines gas field

Shell will get a base consideration of $380 mln. It will also receive contingent payments of up to $80 mln, based on asset performance and commodity prices, between 2022 to 2024

Shell finds $460 million buyer for stake in Philippines gas field

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
The company added that the deal had no impact on other Shell businesses in country.
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

Source : Neftegaz.RU


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