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Shell completes exit from Philippines Malampaya gas field

Shell completes exit from Philippines Malampaya gas field

A 3D-printed natural gas pipeline is placed in front of a displayed Shell logo in this illustration taken on Feb 8, 2022. (File photo: Reuters/Dado Ruvic)

SINGAPORE: Shell has completed the sale of its stake in an operator of the Malampaya gas field in the Philippines, effective Nov 1, it said in a statement on Tuesday (Nov 1).

The sale will move full control of Shell Philippines Exploration B.V., which owns a 45 per cent operating interest in and operates the Malampaya gas field, to Malampaya Energy XP, a subsidiary of Prime Infrastructure Capital.

The other members of the field's service contract consortium are a subsidiary of Udenna and PNOC Exploration, which own a 45 per cent and 10 per cent interest, respectively.

Shell Petroleum N.V. had signed an agreement to sell its stake in the gas field in May 2021.

The gas field, which was discovered in 1991, provides fuel to power plants that deliver about a fifth of the Philippines' electricity requirements, according to energy ministry data, but its output is declining and is expected to run dry by 2027.

Source: Reuters/st

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