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Shell offloads Philippine gas field


Shell offloads Philippines gas field
Shell has agreed to sell its 45% operating interest in service contract 38 (SC38) offshore Philippines to a subsidiary of local group Udenna for up to $460mn, the Anglo-Dutch major reported on May 20.
The company revealed to
NGW it intended to divest the asset in September last year. The Malampaya field, discovered in 1991 and brought online just over a decade later, supplies gas to four power plants on the island of Luzon. But it is expected to run dry by 2027, according to the Philippines energy department.
The sale includes platforms, a 504-km pipeline that carries Malampaya s gas to Luzon and an onshore gas plant, along with other infrastructure. Shell will receive at least $380mn for its stake, and potentially up to $80mn between 2022 and 2024 based on how the asset performs and prices. The deal is expected to be closed by the end of the year. ....

Wael Sawan , Philippine National Oil Co , Energy Demand , Indigenous Gas , Upstream Director , Onshore Gas Plant , Field Supplies Gas , Dennis Uy , Department Of Energy , Supplies Gas , வேல் சாவன் , பிலிப்பைன் தேசிய எண்ணெய் இணை , ஆற்றல் தேவை , அப்ஸ்ட்ரீம் இயக்குனர் , கடற்கரை வாயு ஆலை , டென்னிஸ் உய் , துறை ஆஃப் ஆற்றல் ,