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Shell exits Philippine gas field in $460 mln deal

EnergyShell exits Philippine gas field in $460 mln deal Reuters 3 minute read The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw, Belgium January 30, 2019. REUTERS/Yves Herman/File Photo Royal Dutch Shell (RDSa.L) has agreed to sell its stake in an offshore gas field in the Philippines for $460 million as part of its strategy to narrow its oil and gas operations. Shell sold its 45% stake in Service Contract 38 (SC38), a deep water licence which includes the producing Malampaya gas field, to a subsidiary of the Udenna Group which already holds a 45% stake in the project. 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 said in a statement.

Shell exits flagship Philippines gas asset in up to $460m deal

20 May 2021 10:37 GMT Updated  20 May 2021 10:37 GMT in  London Shell has agreed to sell its operating stake in the giant Malampaya gas field offshore the Philippines in a deal worth up to $460 million. Taking on the stake from the Anglo-Dutch supermajor is Malampaya Energy XP, a subsidiary of Udenna Corporation the latter a local company owned by Filipino tycoon Dennis Uy. Through the deal, Shell is divesting its 100% shareholding in Shell Philippines Exploration (Spex), which holds a 45% operating interest in Service Contract 38, which hosts the deep-water producing Malampaya field. ENERGY EXPLORED: SUBSCRIBE TO ACCELERATE Gain valuable insight into the global oil and gas industry s energy transition from

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