Power

Dennis Uy gets DOE’s ok to buy Chevron’s 45% Malampaya stake

The Department of Energy has approved the transfer of rights of Chevron Malampaya LLC over Service Contract 38 or the Malampaya gas field project to a subsidiary of businessman Dennis Uy’s Udenna Corp.

“We reiterate our company’s commitment to support the country’s energy agenda on security, self-reliance and use of cleaner energy sources, and the DOE’s approval of the transfer of rights is a welcome progress to reach this end,” said Uy, chairman and CEO of Udenna.

Uy said UC38 would work closely with Shell Philippines Exploration (SPEX), the current operator, and the Philippine National Oil Company – Exploration Corporation (PNOC-EC).

“We are committed to the safe, reliable and sustainable development of the gas-to-power industry in the Philippines through Malampaya. UC38 continues to be led by the highly qualified team who were previously with Chevron and provide us with upstream technical, operational, and commercial expertise based on global industry best practices,” Uy said.

He said Udenna is proud to be part of the successful Malampaya public-private partnership, providing indigenous, affordable and clean energy to secure the energy future of the Philippines.

“We will continue to explore the best avenue to provide a continuous and sustainable supply to meet the growing demand for cleaner power generation,” Uy added.

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