Udenna unit set to end 7-year pause in Malampaya exploration | Inquirer Business
Close  

Udenna unit set to end 7-year pause in Malampaya exploration

Udenna Corp. subsidiary Malampaya Energy XP Pte Ltd. on Friday said they were raring to pick up the slack left by exiting petroleum giants Shell and Chevron who did not drill new wells at Malampaya in the past seven years, adding that this could be done with their “own” team and funds.

“What Malampaya Energy brings [into the Malampaya project] is not only our own highly qualified team with hundreds of years of combined upstream experience, but also the agility and willingness to invest in growth together with our SC38 [or Petroleum Service Contract No. 38] partner PNOC-EC,” Belinda Racela said in a statement.

ADVERTISEMENT

Racela was referring to state firm PNOC Exploration Corp., which holds a 10-percent stake in the Malampaya consortium.

Racela, a former asset manager and GM of strategy and planning at Chevron group, holds one of three seats of the Malampaya Energy’s upstream decision review board—which governs Shell Exploration BV (Spex) after having been acquired by Udenna in a transaction that is expected to be completed within this year.

FEATURED STORIES

She is also president of UC38 LLC, the entity that succeeded Chevron Malampaya LLC whose 45-percent nonoperating interest in the project was acquired by Udenna.

Racela said Malampaya Energy would continue delivering natural gas “retaining the world-class Spex team, reversing the seven-year hiatus on exploration activities.”

Earlier, the Malampaya consortium faced tax disputes with the government partly causing the lull in exploration activities.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Malampaya Energy XP Pte Ltd., Udenna Corp.
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.