Malampaya Energy Awarded Shell Stake in Malampaya

May 20, 2021

Malampaya Energy XP Pte Ltd (a subsidiary of Udenna Corporation) is pleased to confirm that it has signed a Sale and Purchase Agreement (SPA) with Shell to acquire Shell Philippines Exploration BV (SPEX), which holds a 45% share and operatorship of the Malampaya Deepwater Gas to Power Project.

This central pillar of the nation's energy infrastructure will be 100% operated by Filipinos for Filipinos following the SPEX deal, with Malampaya Energy, Philippine National Oil Company - Exploration Corporation (PNOC-EC) and UC38 LLC working together as joint venture partners in the Malampaya SC38 consortium. 

Malampaya delivers a fifth of the Philippines' growing electricity requirements through the supply of natural gas to five power plants in Luzon. The asset has been operating safely and reliably since 2002 and has contributed over USD$10 billion in revenues to the Philippine government to date. 

Dennis A. Uy, Chairman and CEO of Udenna Corporation said, "We are tremendously proud of Malampaya Energy for acquiring one of Shell's most successful natural gas assets in Asia, which of course includes the world-class SPEX team currently operating Malampaya." 

"The ongoing safety and reliability of Malampaya is our top priority and will be delivered by the same experienced team of upstream professionals from SPEX working with consistent practices. They will be strongly supported by our newly established Upstream Decision Review Board of industry leaders and the ex-Chevron and ex-Shell upstream specialists in our Malampaya Energy business, who are already actively involved in managing the Malampaya consortium,” Belinda Racela, top executive of Malampaya Energy shared.

"We are excited about the future growth opportunities at Malampaya. Our teams are accelerating exploration and production plans to extend the life of the Malampaya field and expand supplies of affordable, safe,  low-carbon and indigenous energy for the nation," Racela added.

The SPEX deal reflects the depth of local talent and expertise in the energy sector that has been developed in the past two decades. Malampaya Energy is committed to develop more jobs for Filipinos and supply chain opportunities for local businesses as it continues to grow its energy business. 



An Upstream Decision Review Board composed of local and international industry leaders has been established to sustain strong technical capabilities and governance at Malampaya and also to support the development of future energy opportunities for the country. 

Further information:  

Belinda Racela

email: [email protected]


CLICK HERE to read the official statement of Shell

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