Saturday, September 23, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Power & Tech

Gov’t set to review Udenna’s capability to run Malampaya

Alena Mae S. FloresbyAlena Mae S. Flores
May 21, 2021, 7:05 pm
in Power & Tech
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

The Department of Energy said Friday it will review the technical and financial capability of Malampaya Energy XP Pte. Ltd., a unit of Udenna Corp., following its acquisition of the 45-percent interest of Shell Philippines Exploration B.V. in the $4.5-billion Malampaya gas-to-power project in northwest Palawan.

“The DOE can only deny the transfer if it concludes that Malampaya Energy has no sufficient financial capability to fund the work commitments of SC [Service Contract] 38 with respect to the 45-percent participating interest and/or deny the transfer of operatorship if Malampaya Energy has no technical capability,” Energy Assistant Secretary Leonido Pulido III said, when asked for comment on the transaction.

Pulido said the signing of agreement between Malampaya Energy and Spex for the acquisition of the latter’s participating interest SC 38 is “purely private business transaction,” and the DOE had no part in the agreement nor in the selection process.

Pulido said the sales agreement needed the approval of the SC 38 consortium members prior to submission to the DOE for the processing of approval of transfer of participating interest and operatorship.

“The DOE’s only task is to evaluate and determine the legal and financial capability of Malampaya Energy with the acquisition of 45-percent PI from Spex and technical capability to be the operator for SC 38,” he said.

Shell Petroleum N.V. announced Thursday it signed an agreement with Malampaya Energy to sell its 100-percent shareholding in Spex, which holds a 45-percent operating interest in SC 38, which includes the producing Malampaya gas field for up to $460 million.

Aside from Spex, the other partners in SC 38 are UC38 LLC, a subsidiary of Udenna (45 percent) and state-owned PNOC Exploration Corp. (10 percent). This means that Udenna of businessman Dennis Uy now controls 90-percent interest in SC 38.

Udenna earlier acquired the 45-percent interest from Chevron Malampaya LLC for about $565 million, which was completed in March 2020. The DOE also reviewed that transaction and gave its approval in April this year.

Meanwhile, Senator Sherwin Gatchalian said he would compel the DOE to divulge its plans and programs on Malampaya in light of the divestment of Spex and the nearing expiration of SC No. 38 to ensure the future of its operations and the continuous supply of energy in the country.

“Given the significant role that the Malampaya project plays in the Philippines’ energy security, it is imperative that the DOE apprise the Filipino public on Malampaya’s operations—the remaining natural gas reserves and the government’s plans for continuous energy supply, likewise on the pending request for the extension of SC No. 38,” Gatchalian said in filing Resolution No. 724.

Gatchalian’s committee on energy will conduct an inquiry into the status of the sale of the stake of Spex and the basis for the DOE’s decision if it approves the sale. The senator also wants to know the DOE’s direction in the face of the impending expiration of Malampaya’s service contract less than three years from now.

“It is critical for the DOE to ensure that whoever gets hold of Shell’s interest should have, not just similar experience or capacity, but more so the technical, financial and legal capability to operate the Malampaya project or to be a service contractor,” Gatchalian said.

He said it was incumbent on the DOE to ensure that the transfer of interests of the members of the consortium should go through a comprehensive review and evaluation pursuant to the requirement under Presidential Decree (PD) No. 87.

Malampaya Energy said that following the Spex deal, “the central pillar of the nation’s energy infrastructure will be 100-percent operated by Filipinos for Filipinos.”

“We are tremendously proud of Malampaya Energy for acquiring one of Shell’s most successful natural gas assets in Asia, which of course includes the world-class SPEX team currently operating Malampaya,” said Udenna Corp. chairman and chief executive Dennis Uy.

Shell said in a statement the base consideration for the sale is $380 million, with additional payments of up to $80 million between 2022 and 2024, depending on asset performance and commodity prices. Subject to partner and regulatory consent, the transaction is targeted to be completed by the end of 2021. The transaction has an effective date of Jan. 1, 2021.

Tags: Chevron Malampaya LLCDennis UyDepartment of EnergyMalampaya EnergyUdenna Corp
ADVERTISEMENT
Alena Mae S. Flores

Alena Mae S. Flores

Related Posts

Solar Tanauan’s 140-MW project employs advanced tools

byAlena Mae S. Flores
September 22, 2023, 8:55 pm
0
8
EU seeks to put brakes on Chinese electric cars without hurting ties

Solar Tanauan Corp.’s 140-megawatt solar power plants in Batangas and Cavite are employing advanced project design and execution tools and...

Read more

ERC sets run-of-river FIT at P6.11 per kWh

byAlena Mae S. Flores
September 22, 2023, 8:35 pm
0
8
CA annuls ERC order rejecting San Miguel subsidiaries’ rate hike petition on grave abuse of discretion 

The Energy Regulatory Commission (ERC) said Friday it issued a resolution setting the feed-in tariff (FIT) for run-of-river (ROR) hydro...

Read more

PetroSolar signs 3-year supply deal with Shell Energy

byAlena Mae S. Flores
September 22, 2023, 8:05 pm
0
8
PetroSolar’s Tarlac plant delivers power

PetroSolar Corp. (PSC), a subsidiary of PetroGreen Energy Corp. (PEGC), said Friday it signed a three-year power supply agreement (PSA)...

Read more

ACEN subscribes to shares of 5 floating solar proponents

byAlena Mae S. Flores
September 22, 2023, 8:00 pm
0
8
Donation

ACEN Corp. said Friday it  subscribed to shares of five of wholly-owned subsidiaries that won contracts to develop solar projects...

Read more

Phoenix selling ‘certain assets’ to manage debt

byAlena Mae S. Flores
September 21, 2023, 9:25 pm
0
8
Phoenix Petroleum’s earnings hit P170m

Phoenix Petroleum Philippines Inc. said Thursday its board approved the management’s decision to sell or transfer certain assets and/or investments....

Read more

MORE Electric announces lower rates

byAlena Mae S. Flores
September 21, 2023, 9:05 pm
0
8
MORE Power reduces electricity rates by 36%

MORE Electric and Power Corp. announced Thursday another round of reduction in residential electricity rate for the September 2023 billing...

Read more

Print Edition

View More

Recent Posts

  • Dumandan seeks redemption at ICTSI Mimosa
  • Cavite State University cagers bag men’s Army 3×3 gold in ROTC Games Luzon leg
  • Pineda seeks to sustain JPGT romp at Pradera Verde
  • Gilas Boys stun Japanese, advance to Under-17 World Cup
  • Caloocan holds 10th Mega Job Fair
  • Malaysia to boost collaboration with PH on halal, digitalization
  • PH, US, Japan boost security cooperation in Indo-Pacific
  • Maynilad assures customers of enough supply this year, begins water recycling

Advertisement

Latest News

Malaysia to boost collaboration with PH on halal, digitalization

byManila Standard
September 23, 2023, 2:40 pm
0
8
Malaysia to boost collaboration with PH on halal, digitalization

Malaysia is expecting enhanced engagements with the Philippines as it renewed its commitment to do its part in developing cooperations...

Read more

PH, US, Japan boost security cooperation in Indo-Pacific

byJimbo Gulle
September 23, 2023, 2:34 pm
0
8
QC expands free testing program for COVID-19

The Philippines, the United States, and Japan will craft a “work plan” that would advance their trilateral cooperation, the Department...

Read more

Maynilad assures customers of enough supply this year, begins water recycling

byRoderick T. dela Cruz
September 23, 2023, 2:33 pm
0
8
Maynilad assures customers of enough supply this year, begins water recycling

Maynilad Water Services Inc. (Maynilad) assured customers of adequate supply in the west concession area until the end of the...

Read more

PBMM: Bagong Pinas Serbisyo Fair to bring new hope, beginnings

byJimbo Gulle
September 23, 2023, 2:31 pm
0
8
Most APEC leaders condemn Russia’s invasion of Ukraine

The simultaneous launch of the Bagong Pilipinas Serbisyo Fair in various parts of the country will give Filipinos “new hope...

Read more

DOST to conduct HANDA Pilipinas DRRM expo in Cagayan de Oro

byManila Standard
September 23, 2023, 2:27 pm
0
8
DOST to conduct HANDA Pilipinas DRRM expo in Cagayan de Oro

The Department of Science and Technology is set to conduct HANDA Pilipinas: Innovations in Disaster Risk Reduction and Management (DRRM)...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Pets
  • Tech
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Cravings
  • Environment & Sustainability
  • Agriculture
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Gallery
    • Photos
    • Videos
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App