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MANILA, Philippines – State-owned Philippine National Oil Co. (PNOC) is studying the possibility of competing for Shell’s 45% operating stake in the Malampaya natural gas project, as the oil giant confirmed its plans to divest in one of the country’s largest sources of energy supply.
PNOC President Reuben Lista said no details were available on Shell’s divestment and that the power company was seeking authorization from Shell’s Singapore offices, which were involved in the divestment initiative in Malampaya.
“We have other data available from other sources. We are studying whether it is prudent for us to get involved, ”said Lista.
The PNOC group’s largest source of income, PNOC Exploration Corp. (PNOC-EC), has a 10 percent stake in the Malampaya project, which provides fuel to power plants that supply approximately one-fifth of electricity demand in Philippines
PNOC-EC “has [right of] first rejection, so we are also in consultation ”on Shell’s divestment plan, Lista said.
Davao-based businessman Dennis Uy’s group of companies hopes to have a new partner in the Malampaya natural gas project, as the Shell group confirmed plans to seek opportunities to divest from the Philippines’ largest indigenous fuel source. .
“For us, this development is proforma,” said Raymond Zorilla, senior vice president of external affairs for Phoenix Petroleum Philippines, one of Uy’s companies.
Phoenix’s sister company UC Malampaya Philippines, the vehicle for Udenna Corp.’s acquisition of Chevron group’s 45 percent stake in the natural gas project, obtained earlier this year from the Philippine Competition Commission a green light for transaction.
“As we replaced Chevron, we welcome (any group) that will be the one to take the place of Shell,” said Zorilla, referring to project operator Malampaya Shell Philippines Exploration.
Last week, Phoenix Pilipinas Gas and Power Inc. (PPGPI) fired three 350-kilowatt generators in Quezon province that run on propane-rich liquefied petroleum gas. This was part of efforts to develop a market among commercial customers for generators, which can also run on natural gas.
When UC Malampaya announced the completion of the acquisition of a non-operating 45 percent stake in Malampaya, Udenna President Dennis Uy said the company wanted to ensure that Malampaya continued to play an important role in developing a sustainable business. clean energy in the Philippines.
“We see immense potential in natural gas, the fuel of the future, and we are optimistic and excited to bring all of its benefits to Filipinos,” said Uy.
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