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Shell Petroleum N.V. has signed a deal with Malampaya Energy XP Pte Ltd, a subsidiary of Udenna Corporation, for the sale of its 100 percent shareholding in Shell Philippines Exploration B.V. (SPEX).
Shell Petroleum N.V. has signed a deal with Malampaya Energy XP Pte Ltd, a subsidiary of Udenna Corporation, for the sale of its 100 percent shareholding in Shell Philippines Exploration B.V. (SPEX).
The base consideration for the sale is $380 million, with additional payments of up to $80 million between 2022 to 2024 contingent on asset performance and commodity prices, Shell revealed. Subject to partner and regulatory consent, the deal, which is said to have no impact on other Shell businesses in the country, is targeted to complete by the end of this year. SPEX staff will continue their employment under the new ownership, Shell highlighted.
Shell inks $380 million deal for its Malampaya, Philippines gas field 5/20/2021
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$380 million, with additional payments of up to US$80 million 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.
SHELL PETROLEUM N.V. has forged an agreement with Udenna Corp. subsidiary Malampaya Energy XP Pte Ltd. for the sale of its 100% shareholding in Shell Philippines Exploration B.V. (SPEx).