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To formally complete the purchase of interests in the Malampaya gas field from Dennis Uy’s company, a subsidiary of Enrique Razon Jr.-led company has signed a share purchase agreement.

Prime Infrastructure Capital, Inc. said in a statement on Friday that MEXP Holding Pte. Ltd., a division of Udenna Corp., and its affiliate, Prime Exploration Pte. Ltd., had agreed to a share acquisition.

The purchase is still pending approval from the Department of Energy and the Philippine National Oil Company Exploration Corp. (PNOC EC), according to Prime Infra (DOE).

Recall that MEXP purchased a 45 percent stake in the Malampaya deep-water gas-to-power project from Shell Philippines Exploration B.V. The natural gas field is run by SPEX as well.

Senate investigations against MEXP’s acquisition of SPEX’s portion of Malampaya took place in 2021.

Then, Senator Sherwin Gatchalian encouraged the DOE to closely evaluate the subsidiary of Udenna’s financial standing.

Prime Infra claimed that by purchasing shares in Malampaya, it would increase capital investments and help the administration’s objective of energy security.

“We think that in the near future, gas will play a significant role in the shift away from baseload fossil fuels like coal. Therefore, if the license renewal is obtained from the government, we want to accelerate investments in the Malampaya gas field to increase the output of current wells and, if possible, construct new wells in the area, said Prime Infra chairman Enrique Razon Jr.

In order to achieve a seamless transfer of the Malampaya activities from SPEX to Prime Exploration, Razon further stated that Shell, Prime Infra, and Udenna are collaborating closely.

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