Philippines-based Udenna Corporation has completed the acquisition of Chevron’s interest in Service Contract 38 in the Philippines, also known as the Malampaya natural gas project.
Udenna’s subsidiary, UC Malampaya Philippines Pte Ltd., in October 2019 signed a sale and purchase agreement to acquire 100% of the shares of Chevron Malampaya, a subsidiary of Chevron Philippines, which holds Chevron’s entire 45% non-operated interest in the Malampaya gas field in the Philippines. The project is operated by Shell.
The acquisition was completed earlier this week. Udeanna said that this move enabled it to become a joint venture partner in an energy asset of national significance.
For over two decades, Malampaya has been the cornerstone of the country’s gas industry and continues to service approximately 30% of the national demand for electricity.
Since it began commercial operations in 2001, the Malampaya project has produced natural gas which supplies five power plants in Luzon, the country’s largest island, with a combined capacity of 3,200 megawatts.
Dennis A. Uy, CEO and Chairman of Udenna said: “We see immense potential in natural gas, the fuel of the future, and we are optimistic and excited to bring its full benefits to Filipinos. Taking a long view, this new milestone moves us closer to Udenna’s vision of being an indispensable partner in nation building.”
“We look forward to working with our joint venture partners, Shell and PNOC-EC, and Malampaya’s key stakeholders, including the Philippine Department of Energy, to ensure that Malampaya continues to play an important role in developing a sustainable clean energy business in the Philippines,” Uy further stated.
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