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  • Shell signs agreement to sell interest in Malampaya, Philippines
    édité le 20/05/2021 - Plus de news de "SHELL" - Voir la fiche entreprise de "SHELL"


Shell signs agreement to sell interest in Malampaya, Philippines
Shell Petroleum N.V. (Shell) 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.

“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 consistent with Shell’s efforts to shift our Upstream portfolio to one that is focused on nine core positions.”

SPEX staff will continue their employment under the new ownership, providing continuity and contributing to ongoing operational reliability and safety. Malampaya and its staff have made significant contributions to the Philippines and to the local community over the past two decades and are expected to continue playing an important role in providing energy for the Philippines.

This deal has no impact on other Shell businesses in country. The Philippines remains an important country for Shell after over a century of successful operations. Shell will continue to pursue opportunities in the Philippines where it can leverage its global expertise in line with its strategy.

Notes:

  - The transaction has an effective date of January 1, 2021.
  - SPEX received its license to operate in the Philippines in 1991. Since then they have become operator of Malampaya to explore and develop SC38 offshore Northwest of Palawan.
  - Malampaya began its commercial operations in 2002. SPEX holds the technical skills, manpower and technology employed in day to day operations, providing the Philippines with indigenous gas that powers a significant portion of the country’s growing electricity demand.
  - The major components of Malampaya include the following: subsea wells and flowlines, a shallow water platform and a depletion completion platform to process natural gas, a catenary anchored leg mooring-buoy for the export of liquid condensate, a 504-kilometer long gas export pipeline on the seabed, an onshore gas plant and pipeline in Batangas City.
  - The other partners in SC38 are UC38 LLC, a subsidiary of Udenna Corporation (45%), and Philippine National Oil Company Exploration Corporation (10%).

About Royal Dutch Shell plc

Royal Dutch Shell plc (LSE: RDSA) is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.

About Udenna

Udenna Corporation (UDENNA) is the parent company of the UDENNA Group of Companies. It is in the business of distribution and retail of petroleum products and lubricants under the Phoenix brand, and is also engaged in shipping and logistics through its majority-owned subsidiary, Chelsea Logistics and Infrastucture Holdings Corp. The continued expansion of the group in recent years has allowed UDENNA to grow exponentially and diversify its business portfolio to include property development, education, food, gaming, tourism, infrastructure, and telecommunications.


Origine : Communiqué SHELL

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