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
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
