Shell Philippines Exploration planning to sell 45% stake in Malampaya

September 24, 2020

Shell Philippines Exploration B.V. ( Spex), the operator of the Malampaya natural gas project off El Nido, Palawan, is planning to sell its 45 percent stake, an official said Thursday.

''We have not started this (sale) yet,'' Don Paulino, Spex B.V managing director and general manager, told dzBB. ''If there are no takers, we will remain there.''

Spex B.V. holds 45 percent stake in the Malampaya natural gas project, which supplies 30 percent of energy for the country. Udenna Corp. brought the 45 percent of Chevron Philippines LLC, while PNOC Exploration Corp. holds 10 percent.

Paulino did not disclose the price of the stake just like Udenna Corp., when it finalized the transaction with Chevron last March.

If Spex B.V succeeds in selling its stake in Malampaya, Paulino said it will make sure the transition to new buyer will be smooth so that the country's power security.

Recently, Pilipinas Shell Petroleum Corp., the country’s second largest oil company, shut down its 110,000-barrel refinery in Batangas province and transformed it into an import terminal. DMS