The Shell-operated Malampaya has been in production since 2002
Shell divests Philippine gas stake
Shell has agreed to sell its stake in Malampaya, the Philippines’ largest productive gas field, as the major continues an aggressive programme of divestments
Shell has signed an agreement to sell all of its Shell Philippines Exploration subsidiary to Philippine conglomerate Udenna Corporation. The subsidiary operates Malampaya and holds a 45pc stake in the Service Contract 38 block, which includes the Malampaya field. Udenna has agreed to pay Shell an initial $380mn, plus additional payments of up to $80mn over 2022-2024, depending on the asset’s performance and commodity prices. Subject to approvals, the deal is expected to be completed by the end of this year. The purchase will raise Udenna’s stake to 90pc, with state-owned Philippine National Oil Company retaining 10pc. $380mn – Initial agreed price, plus up to $80mn in contingency payme
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
