Udenna Buys Chevron's Stake in Malampaya Field

Philippines’ Udenna Corporation has bought Chevron’s 45% stake in the offshore Malampaya gas field, local media reported November 13 citing a company statement.

Udenna Corporation, promoted by Dennis Uy, said its subsidiary, UC Malampaya Philippines, fully acquired shares of Chevron's subsidiary, Chevron Malampaya, in October. The company did not provide financial details of the transaction, Rappler reported.

Malampaya is operated by Shell Philippines Exploration, which has a 45% stake while Philippine National Oil Company owns 10% stake.

"The acquisition of Chevron's interest in the Malampaya gas field marks an important milestone for Udenna, fitting strategically with our long-term ambitions of developing a sustainable clean energy business in the Philippines," Uy said.

Uy also owns Phoenix Petroleum, which in a joint venture with Chinese state Cnooc, is developing an LNG import terminal in the Philippines. Tanglawan Philippines LNG is a joint venture between China’s Cnooc Gas & Power and Phoenix Petroleum. The joint venture plans to start work on the 2.2mn mt/yr terminal this year, with commercial operations targeted to start by 2023.