Shell sells interest in Philippines gas field for US$460 million
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
The base consideration for the sale is US$380 million, with additional payments of up to US$80 million between 2022 to 2024 contingent on asset performance and commodity prices. Subject to partner and regulatory consent, the transaction is targeted to complete by the end of 2021.
“Since it began commercial operations in 2002, Malampaya has supplied a significant portion of the Philippines’ energy demand and it will continue powering the country with indigenous gas following a safe transition of the asset and its experienced workforce,” said Wael Sawan, Shell’s Upstream Director. “Today’s announcement is consistent with Shell’s efforts to shift our Upstream portfolio to one that is focused on nine core positions.”
SPEX staff will continue their employment under the new ownership.
Read the latest issue of Oilfield Technology in full for free: Issue 1 2021
Oilfield Technology’s first issue of 2021 begins with a look at US tight oil’s prospects this year. The issue then moves on to cover completions technology, production forecasting, electric fracturing, sand recovery and more.
Exclusive contributions come from Rystad Energy, Archer, Weatherford, Halliburton, CGG, NOV, TETRA Technologies, Clariant and more.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/20052021/shell-sells-interest-in-philippines-gas-field-for-us460-million/
You might also like
tengizchevroil starts WPMP operations at tengiz oil field in Kazakhstan
Chevron has announced today that its 50 % owned affiliate Tengizchevroil LLP (TCO) has safely commenced operations at its wellhead pressure management project (WPMP) at the Tengiz oil field in Kazakhstan.