The Udenna Corporation of Davao businessman Dennis A. Uy strongly denied accusations that the company took out cash from the Malampaya revenues, which in turn, was allegedly used to pay for its acquisition of the 45 percent shareholdings of US firm Chevron Corporation in the Philippine gas field...
Dennis Uy breaks silence; claims US$191-M capitalization in Malampaya buy By Myrna M. Velasco Davao businessman Dennis A. Uy finally broke his silence to refute allegations of "negative working capital" as he claimed that his Udenna subsidiaries have $191 million capitalization, not $100 million,...
The volume of gas that can be supplied by the Malampaya field will drop to 1,000 megawatts of equivalent power capacity in 2024, which is also the timeframe for the expiration of the project’s Service Contract (SC) 38, if no license extension is extended by the government. According to Atty...
‘Red flag’ is being raised anew by Senate Committee on Energy Chairman Sherwin T. Gatchalian on the financial capacity of cash-strapped Udenna Corporation to acquire the 45 percent stake of Shell Philippines Exploration B.V. (SPEX) in the multi-billion Malampaya gas-to-power venture. The...
PH Resorts Group Holdings Inc., the gaming unit of businessman Dennis Uy’s Udenna Corporation, has asked the government to suspend the license of its casino project in Clark Freeport Zone, Pampanga because of stiff competition in the area. In a disclosure to the Philippine Stock Exchange PH...
The Department of Energy (DoE) will be legally accountable if it will push through with the targeted ‘midnight deal’ for the license extension of the Malampaya gas field project, that in the process will primarily benefit Malampaya Energy XP Pte Ltd, a company of Davao businessman Dennis Uy. In...
Senator Sherwin Gatchalian has raised alarm over the possibility that the government is entering into a midnight deal to extend the service contract of the Malampaya project with the gas field operator Shell Philippines Exploration B.V. (SPEX) by finalizing the transfer of its participating...
The operator of the Malampaya gas field will need to drill one well next year, but that will not be a precondition for license extension of the facility’s service contract (SC) 38. A document from the Department of Energy (DOE) furnished to the media stated that the SC 38 consortium currently led...
A more generous 70:30 royalty sharing in favor of the government is coming forth as the tenor in negotiations on the proposed license extension for the Malampaya gas field project, which is due for turnover by yearend to buyer Malampaya Energy XP Pte Ltd of Davao businessman Dennis Uy. The...
The core component of the 20-day maintenance shutdown of the Malampaya gas production facility next month will be the “shallow water platform”, primarily its flare tip replacement, according to Shell Philippines Exploration B.V. (SPEX), the operator of the gas field. The shallow water platform...
The Department of Energy (DOE) has forthrightly stated to Congress that there is no ‘legal deal’ or any form of agreement so far that was reached with China when it comes to join exploration activities for oil and gas at the diplomatically strained West Philippines Sea. “There’s no joint...
The Philippine energy sector is bracing for a “triple whammy” next year – especially in the peak demand months of summer – due to highly probable continued forced outages in power facilities; de-rating of the gas plants; and shortage of gas fuel that can already be extracted from the...
