SINGAPORE: Shell has completed the sale of its stake in an operator of the Malampaya gas field in the Philippines, effective Nov 1, it said in a statement on Tuesday .
The sale will move full control of Shell Philippines Exploration B.V., which owns a 45 per cent operating interest in and operates the Malampaya gas field, to Malampaya Energy XP, a subsidiary of Prime Infrastructure Capital. The other members of the field's service contract consortium are a subsidiary of Udenna and PNOC Exploration, which own a 45 per cent and 10 per cent interest, respectively.The gas field, which was discovered in 1991, provides fuel to power plants that deliver about a fifth of the Philippines' electricity requirements, according to energy ministry data, but its output is declining and is expected to run dry by 2027.