Shell sells Philippines Exploration to Malampaya Energy

By Editor


Shell Petroleum has completed the sale of its 100 percent shareholding in Shell Philippines Exploration to Malampaya Energy, a subsidiary of Prime Infrastructure Capital.

SPEX, under the ownership of Prime Infra, will continue to own a 45 percent operating interest and be the operator of the Malampaya gas field. The other members of the Service Contract 38 consortium are UC38, a subsidiary of Udenna Corporation, and PNOC Exploration Corporation. They respectively own 45 percent and 10 percent participating interests.

This deal has no impact on other Shell businesses in the country. Shell will pursue opportunities in the Philippines where it can leverage its expertise in line with its Powering Progress strategy.

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