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.