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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
