Shell completes exit from Philippines Malampaya gas field - Reuters

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• Companies

• Shell PLC
• Shell Petroleum NV
• SHELL Philippines Exploration B.V.
• Shell Phillippines Exploration B.v
• Malampaya Energy XP Pte Ltd

SINGAPORE, Nov 1 (Reuters) - Shell (SHEL.L) 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.

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

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

Reporting by Emily Chow; Editing by Savio D'Souza

Our Standards: The Thomson Reuters Trust Principles.

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