Deal Insight
Shell sells Malampaya (Philippines) to Udenna for up to US$460 million
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Southeast Asia`s local players have flexed their muscles to claim a larger share of the region`s upstream assets once again. Udenna Corporation - a leading Philippines conglomerate - is buying Shell's 45% operating interest in the Malampaya Service Contract 38 (SC38) for US$380 million. Additional payments of up to US$80 million are contingent on asset performance and certain commodity prices. The asset is the Philippines' sole source of natural gas and serves approximately 20% of the country's growing electricity demand. We expect the field to continue producing 300-360 mmcfd (gross) of gas until license expiry in February 2024. We expect a little over 200 bcf (gross) is recoverable after license expiry, until production ceases in 2027.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
- Upsides and risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Upstream assets: Table 1Deal analysis: Table 1
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Deal analysis: Table 2Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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