Solon says nothing blocking Razon takeover of Malampaya gas field project

Published June 5, 2022, 3:05 PM

by Seth Cabanban

Surigao del Sur 2nd district Rep. Johnny Pimentel says that there are no hurdles blocking Enrique Razon and his Prime Infra Holdings Inc’s acquisition of Dennis Uy’s controlling stake in the Malampaya gas field.

“We, in Congress, have always maintained that private parties are free to get in and get out of existing petroleum service contracts,” Pimentel, the House Strategic Intelligence Committee Chair, said on Sunday, June 5.

Read more here:

https://mb.com.ph/2022/06/02/razon-buying-uys-controlling-stake-in-depleting-malampaya-field/

https://mb.com.ph/2022/06/03/doe-amenable-to-razon-uy-tandems-takeover-of-malampaya-field/

“These transfers of operating and or participating interests in petroleum service contracts are private commercial transactions involving the sale of investments between corporations,” Pimentel pointed out.

“In these transactions, the role of the Department of Energy [DOE] is merely to oversee the orderly handover of operations with a view to ensuring project continuity and development,” Pimentel said.

The DOE has already voiced support for the Razon acquisition, with Energy Secretary Alfonso Cusi describing it as a “positive development.”

Pimentel also speculated that Razon would further acquire a majority stake in the Sampaguita Gas Field located in the West Philippine Sea; a gas field discovered last 2011 which is estimated to contain around 3.5 trillion to 4.6 trillion cubic feet of gas.

 
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