Deal Insight

Shell sells Malampaya (Philippines) to Udenna for up to US$460 million

Get this report

$1,650

You can pay by card or invoice

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- FAQs about online orders
- Find out more about subscriptions

27 May 2021

Shell sells Malampaya (Philippines) to Udenna for up to US$460 million

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 7 images and tables including:

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

What's included

This report contains:

  • Document

    Shell sells Malampaya (Philippines) to Udenna for up to US$460 million

    PDF 742.50 KB