Shell sells 45% interest in Malampaya gas project

Shell Philippines Exploration has attracted potential bidders for its sale of a 45% interest in the Malampaya gas-to-power project in Palawan. 

Hong Kong-based First Pacific and Philippines-based Philex Mining are planning to acquire the asset for up to US$300 million valuations. 

The project is located in the Service Contract 38 license area offshore, 65 km northwest of the island of Palawan. If the deal is closed, First Pacific and Philex Mining will join Udenna Corp. and PNOC Renewables Corporation in the project.