Shell Petroleum N.V has completed the sale of its shares in Shell Philippines Exploration B.V (SPEX), the operator of the Malampaya Gas project, to Prime Infrastructure Capital Inc.
The sale completion transfers the control of SPEX to Prime Infra subsidiary Malamapaya Energy XP Pte Ltd. (MEXP). Effective November 1, SPEX is now a wholly-owned subsidiary of Prime Infra. It will continue to own the 45% operating interest in Malampaya.
“Since operations began in 2002, the Malampaya gas field has supplied an important part of the Philippines’ energy demand through the dedicated work of our partners and staff, past and present. This sale supports our strategy to create a resilient and competitive Upstream portfolio,” Shell Upstream director Zoe Yujnovich said in a statement.
Back in August, Prime Infra signed a share purchase agreement acquiring MEXP Holding Pte. Ltd. (MEXP), which first acquired the 45% share of SPEX in Malampaya in May 2021,
Prime Infra earlier said that it is looking to extend Malampaya’s SC 38, which will be expiring in 2024, so the firm could invest in its expansion.