Dennis Uy speaks during a Bloomberg round-table discussion in Manila, the Philippines, on Monday, … [+]
Veejay Villafranca/Bloomberg
Energy tycoon Dennis Uy’s Udenna Corp. has gained a controlling interest in the Malampaya gas field following the acquisition of Shell Petroleum NV’s 45% stake for up to $460 million.
Under the deal signed last week, Udenna subsidiary Malampaya Energy will pay Shell a base price of $380 million. It will make additional payments of up to $80 million between 2022 and 2024, depending on the asset’s performance and commodity prices.
Upon completion of the acquisition by the end of this year, Udenna will own 90% of the gas fields. The group paid $565 million for Chevron’s 45% stake in the gas field in March 2020.
The sale marks Shell’s exit in the Malampaya project, which the British oil giant started developing in 1991. The gas field, which lies in West Philippine Sea, is located some…