Following consent from the joint venture partners and regulatory approval, Shell Petroleum N.V. has completed the sale of its 100 per cent 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 completion transfers control of SPEX from Shell to Prime Infra effective 1 November 2022. SPEX staff will continue their employment under the new ownership.

SPEX, under the ownership of Prime Infra, will continue to own a 45 per cent operating interest and be the operator of the Malampaya gas field, which began its commercial operations in 2002.  The other members of the Service Contract 38 consortium are UC38 LLC, a subsidiary of Udenna Corporation, and PNOC Exploration Corporation (PNOC EC). They respectively own 45 per cent and 10 per cent participating interests.

Shell Upstream Director Zoe Yujnovich said, “Since operations began in 2002, the Malampaya gas field has supplied an important part of the Philippines’ energy demand through the dedicated work of our partners and staff, past and present.

“This sale supports our strategy to create a resilient and competitive Upstream portfolio.”

Shell says the deal has no impact on its other businesses in the 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 Powering Progress strategy.”