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Udenna unit financially ready to operate Malampaya project

Udenna unit financially ready to operate Malampaya project
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Phoenix balks but First Gen keen on buying banked gas – Manila Bulletin

Published May 26, 2021, 2:51 PM Uy-led firm Phoenix Petroleum Philippines Inc. has denied interest to buy the ‘banked gas’ of state-run Philippine National Oil Company (PNOC) that shall be extracted from the Malampaya field. It was no less than PNOC President and CEO Reuben S. Lista who indicated that Phoenix Petroleum is among the firms that has standing offer for the banked gas, but the oil firm said that “statement is unconfirmed.” In a disclosure to the Philippine Stock Exchange (PSE), Phoenix Petroleum further emphasized that “the company has no knowledge of any interest to purchase banked gas as of date of writing.”

Phoenix, other firms eyeing to buy PNOC s P33-B banked gas – Manila Bulletin

Listed firm Phoenix Petroleum Philippines Inc., another company of businessman Dennis Uy, is reportedly offering to buy the Malampaya ‘banked gas’ of state-run Philippine National Oil Company (PNOC) that had been previously valued between $700 million to $800 million, approximately P33 billion to P3

Shell Signs Agreement To Sell Interest In Malampaya, Philippines

Shell Signs Agreement To Sell Interest In Malampaya, Philippines Shell Petroleum N.V. has signed an agreement with Malampaya Energy XP Pte Ltd (a subsidiary of Udenna Corporation), for the sale of its 100% shareholding in Shell Philippines Exploration B.V. (SPEX). SPEX holds a 45% operating interest in Service Contract 38 (SC38), which includes the producing Malampaya gas field. The base consideration for the sale is US$380M, with additional payments of up to US$80M between 2022 to 2024 contingent on asset performance and commodity prices. Subject to partner and regulatory consent, the transaction is targeted to complete by the end of 2021. “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,” said Wael Sawan, Shell’s Upstream Director. “Today’s announcement is consi

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