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Manila Bulletin devider Business devider DOE taps advisers on sale of Shell stake in Malampaya

DOE taps advisers on sale of Shell stake in Malampaya

Published Aug 31, 2022 02:44 pm

The Department of Energy (DOE) has tapped technical and financial advisers that will clear the way for the sale of the operating stake of Shell Philippines Exploration B.V. (SPEX) in the Malampaya asset to Prime Exploration Pte. Ltd., which is owned by billionaire Enrique Razon.

Tapped as Chairman of the special technical advisers would be Rufino B. Bomasang, former president and CEO of state-run Philippine National Oil Company-Exploration Corporation (PNOC-EC) and chairman of the board of Shell-managed Malampaya Foundation.

"This pool of advisers is expected to assist the DOE in ensuring that its decisions on matters relating to the Malampaya service contract consider all the relevant factors and are founded on sound technical analyses," Energy Secretary Raphael P. M. Lotilla said in a short briefing with the media.

The members of the technical review team are Francisco G. Delfin, Jr. who was formerly DOE Undersecretary and vice president of PetroEnergy Resources Corporation of the Yuchengco group; Froilan A. Tampinco, former president of state-run National Power Corporation; while Edgar Benedict C. Cutiongco, former Country Manager of Chinese firm Polyard Petroleum International Group Ltd. will serve as consultant.

Those designated in the financial review committee are: Roberto Manabat, who serves as current independent director of Citi Financial Services & Insurance Brokerage as well as Union Bank of the Philippines of the Aboitiz Group; Carlitos G. Cruz, former Chairman of SGV and Vice Chairman of Solar Philippines Nueva Ecija Corporation, a partner-firm of Razon on solar power investments; and former Finance Undersecretary Gabriel R. Singson, Jr; while former SEC Commissioner Ephyro Luis B. Amatong will serve as consultant.

On the legal facet of the Malampaya transaction, the energy department designated Atty. Luis Ma. G. Uranza, who previously worked with the SEC and independent director of BDO, to serve as a consultant.

The targeted turnover of the operations of the Malampaya field to Razon’s company is by the end of this year, a transaction anticipated to be concretized under the Marcos administration.

“We want to assure the public that the DOE will exercise the utmost care and diligence, in carrying out its mandate involving the country's upstream oil and gas sector in general, including the country's biggest gas-to-power initiative to date—the Malampaya-Camago project,” said Lotilla.

Amid the leaning of some of the advisers to the parties-in-interest, Lotilla assured “these advisers are highly regarded in their fields of expertise.”

Razon’s acquisition of the operating stake in Malampaya will be through the Malampaya Energy XP (MEXP), a subsidiary company of Udenna Corporation of businessman Dennis Uy, who earlier entered into $460 million sale and purchase agreement (SPA) for Shell’s interest in the country’s commercial gas field.

In the camp of Shell, Razon is regarded as their ‘preferred buyer’ and the employees of the company are already placing high confidence in Prime Exploration that it will be the prospective operator that can extend the commercial life cycle of the Malampaya field.

With the series of developments being advanced by the DOE on the sale of the Malampaya operating stake, it is expected that the next announcement will be on the license extension that will be granted to the next operator so the commercial gas field could still operate for a longer period.

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