This strategic move enables Udenna to become a joint venture (JV) partner in an energy asset of national significance. For over two decades, Malampaya has been the cornerstone of the country’s gas industry and continues to service approximately 30% of the national demand for electricity. Since it began commercial operations in 2001, the Malampaya project has produced cleaner-burning natural gas which supplies five power plants in Luzon, the country’s largest island, with a combined capacity of 3200 megawatts.
Malampaya is benefiting the country by reducing oil imports, ensuring a more stable supply of cleaner energy from an indigenous resource and helping meet the country’s energy requirements.
Dennis A. Uy, CEO and Chairman of Udenna, said: “We see immense potential in natural gas, the fuel of the future, and we are optimistic and excited to bring its full benefits to Filipinos. Taking a long view, this new milestone moves us closer to Udenna’s vision of being an indispensable partner in nation building.”
“We look forward to working with our joint venture partners, Shell and PNOC-EC, and Malampaya’s key stakeholders, including the Philippine Department of Energy, to ensure that Malampaya continues to play an important role in developing a sustainable clean energy business in the Philippines,” Uy further stated.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/13032020/udenna-completes-acquisition-of-chevron-stake-in-malampaya-gas-field/