Shell Petroleum N.V. has completed the sale of
its 100% shareholding in Shell Philippines Exploration B.V (SPEX)
to Malampaya Energy XP Pte Ltd (MEXP), a subsidiary of Prime
Infrastructure Capital Inc (Prime Infra).
The sale transfers control of SPEX from Shell to
Prime Infra effective today, 1 November 2022.
SPEX, under the ownership of Prime Infra, will
continue to own a 45% operating interest and be the operator of
the Malampaya gas field in the north west of Palawan.
The other members of the Service Contract 38
consortium are UC38 LLC, a subsidiary of Udenna Corporation, and
PNOC Exploration Corporation (PNOC EC). They own 45%
and 10% participating interests, respectively.
SPEX staff will continue their employment under
the new ownership.
“Since operations began in 2002, the Malampaya gas
field has supplied an important part of Philippines’ energy
demand through the dedicated work of our partners and staff, past
and present,” said Zoe Yujnovich, Shell’s Upstream Director. “This
sale supports our strategy to create a resilient and competitive
upstream portfolio.”
The deal has no impact on other Shell businesses
in the country. Philippines remains an important country for
Shell after over a century of successful operations and the
company will
continue to pursue opportunities in the country where it can
leverage its global expertise.
