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
Shell to exit Malampaya gas field offshore Philippines 21 May 2021 (Last Updated May 21st, 2021 10:54)
Royal Dutch Shell has signed a $460m deal to sell its stake in a gas field offshore the Philippines to Malampaya Energy XP.
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Royal Dutch Shell has finalised an agreement to divest its stake in Malampaya gas field in the Philippines to Malampaya Energy XP for up to $460m.
Malampaya Energy XP, which is a subsidiary of Udenna, will acquire a stake in Shell Philippines Exploration (SPEX) from Shell subsidiary Shell Petroleum.
SPEX owns a 45% stake in Service Contract 38 (SC38), a deepwater licence that comprises the Malampaya gas field.
Philippines: Shell sells its operating interest in the Malampaya gas field to Udenna energy-pedia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energy-pedia.com Daily Mail and Mail on Sunday newspapers.
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.