Connect with us

Hi, what are you looking for?

Stock Markets

Pangilinan eyes SPEx stake in Malampaya project

THE head of the so-called MVP group of companies said on Monday that he was looking at acquiring the stake of Shell Philippines Exploration B.V. (SPEx) in the Malampaya gas-to-power project off the northwest Palawan coast.

Manuel V. Pangilinan, chairman of Manila Electric Co. (Meralco), said that his group had recently submitted a non-binding offer to the operator of the country’s only natural gas field.

“We’re looking at acquiring the share stake. We have submitted our final non-binding offer to Shell,” he said during a briefing on Meralco’s operating and financial results for 2020.

Mr. Pangilinan, who also chairs oil and gas explorer PXP Energy Corp., identified the companies that submitted the offer for the 45% share of SPEx as First Pacific Co. Ltd. and Philex Mining Corp.

“[We submitted the offer at] 5:01 p.m. last Friday,” he said.


The move comes six months after Udenna Corp. of Davao-based businessman Dennis A. Uy revealed its plans to jointly acquire the 45% operating interest of Royal Dutch Shell’s domestic exploration unit in Malampaya, alongside the Philippine National Oil Co.-Exploration Corp.

In 2019, the Malampaya field was able to provide 3,200 megawatts of electricity, making up 21.1% of the country’s gross power generation. According to the Department of Energy, the project’s reserves are expected to completely be depleted by 2027. — Angelica Y. Yang


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


A shopping centre in Coventry that eight years ago was valued at £37 million was sold this week for only £4.9 million, setting...

Breaking News

SEC probing Nikola Motors over short-seller claims of fraud – Business Insider Business Insider logoThe words “Business Insider”. 2020-09-14T23:20:04Z Massimo Pinca/Reuters The Securities and...

Breaking News

The $160,000 SS Dolphin is a hybrid 1950s Corvette clone from China – Business Insider Amazon Prime Day Business Insider logoThe words “Business Insider”....

Breaking News

Best exercise bikes of 2020: NordicTrack, Peloton, & others – Business Insider Business Insider logoThe words “Business Insider”. Back to TopA white circle with...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Captain Of Success. All Rights Reserved.