A wholly owned subsidiary of Udenna Corp., Davao City, Philippines, has agreed to acquire all shares of Chevron Malampaya LLC, which holds Chevron’s 45% non-operated interest in Malampaya gas field offshore Palawan Island in the Philippines.
Udenna’s announcement came as another Filipino company, PXP Energy Corp., disclosed a proposal to develop an integrated gas hub at Malampaya after expiration of the field’s service contract, SC38, in 2024.
Udenna is a conglomerate whose businesses include oil product distribution and marketing, shipping, and logistics. Terms of its acquisition, which is subject to regulatory approvals, were not disclosed.
Other partners in SC38 are Shell Philippines Exploration BV, the operator, 45%, and Philippines National Oil Co., 10%. An earlier story reported Shell’s interest incorrectly and omitted the PNOC stake (OGJ Online, Nov. 13, 2019).
Malampaya gas fuels generation of about 20% of the island nation’s electricity.
“We have carefully assessed and established a plan for the future development of the Malampaya field and its surrounding fields,” Udenna said in a press release.
The Philippine Department of Energy will decide about status of SC38 at expiration and the PXP proposal.