Udenna Corp signs deal with Chevron for 45% stakes in Malampaya gas-to-power project
Udenna Corporation has signed an agreement with a unit of Chevron for the acquisition of a 45% stakes in the Malampaya gas-to-power project in the Philippines.
Phoenix Petroleum Philippines, a unit of Udenna Corp, in partnership with CNOOC Gas and Power and state-owned Philippine National Oil Company (PNOC), is set to develop a US$2 billion liquefied natural gas hub in the Philippines.
Currently, the project is owned by Shell Philippines Exploration BV (45%), Chevron (45%) and the remaining 10% is controlled by PNOC’s unit, PNOC Exploration Corp.
The Malampaya gas field is a deep-water gas-condensate reservoir located in the Service Contract 38 license area offshore, 65 km northwest of the island of Palawan.
The deal is subject to pending regulatory approvals.
Country updates
-
-
October 31, 2019
Philippines to launch new auction date for Malaya power plant privatisation
The Power Sector Assets and Liabilities Management (PSALM) Corporation, a wholly-owned and controlled government entity tasked to manage the orderly sale and privatization of existing assets of the Na...
Read more -
October 04, 2019
SUSI Partners, South Pole Group to launch EUR250m fund for energy transition infrastructure in Southeast Asia
SUSI Partners (SUSI) and South Pole Group (South Pole) are set to launch an infrastructure fund together. The vehicle will combine SUSI’s core competencies in the financing and structuring of re...
Read more -
July 22, 2019
Ayala Corp completes acquisition of 51.48% stake in Phinma Energy
AC Energy, the energy unit of Ayala Corporation, has completed the acquisition of a 51.48% stake in Phinma Energy. The deal represents a total of PhP3.669 billion (US$71.49 million) of inv...
Read more -
May 16, 2019
20 MW Tarlac 2 solar project to be commissioned
20 MW DC Tarlac 2 solar park in the Philippines is undergoing through the testing before being commissioned. The facility is located in Tarlac City. The plant features 61,200 Tallmax photovoltaic...
Read more -
March 12, 2019
Philippines signs NTP to Batangas City LNG terminal
Philippine government has signed a notice to proceed (NTP) to build a liquefied natural gas (LNG) import terminal to be developed within the facility complex. The proposal was submitted by First Gen C...
Read more
