Shell sells its stake in SPEX in the Philippines


(CercleFinance.com) – Shell Petroleum NV (Shell Petroleum) announces that it has completed the sale of its 100% stake in Shell Philippines Exploration BV (SPEX) to Malampaya Energy XP Pte Ltd (MEXP), a subsidiary of Prime Infrastructure Capital Inc ( Prime Infra).

The transfer of control of SPEX from Shell to Prime Infra is effective on 1 November.

SPEX, under the new ownership of Prime Infra, will continue to hold a 45% operating interest and be the operator of the Malampaya gas field.

Other members of the Service Contract 38 consortium are UC38 LLC, a subsidiary of Udenna Corporation, and PNOC Exploration Corporation (PNOC EC). They jointly hold 45% and 10% of the interests.

Shell specifies that this sale has no impact on Shell’s other activities in the country, the Philippines remaining an “important country for Shell after more than a century of successful operations”.

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