Shell sells its stake in Philippines

British-Dutch oil and gas company Shell has completed the sale of its stake in the Malampaya field in the Philippines, owned by Malampaya Energy XP, Report informs, citing Shell's press service.

After the agreement of the joint venture partners and regulatory approval, Shell Petroleum N.V. (Shell Petroleum) has completed the sale of its 100% stake in Shell Philippines Exploration B.V (SPEX) to Malampaya Energy XP Pte Ltd, a wholly owned subsidiary of Prime Infrastructure Capital Inc., the company said in a statement.

The new owner of the assets will be Philippine Prime Infra, which is owned by billionaire Enrique Razon Jr.

SPEX will retain its 45% operating share and continue to operate the field. Another 45% is owned by UC38 LLC (a subsidiary of Udenna Corporation), 10% by PNOC Exploration Corporation.