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About: http://data.cimple.eu/news-article/cfe18ad7fc2f7db4a8eb6c8859cc210a0c1abf9b034e50a292f3f96d Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Royal Dutch Shell said Thursday it has sold its entire stake in the Malampaya natural gas field off the Philippines for up to $460 million. The undersea field in the South China Sea has supplied a significant portion of the Philippines' energy needs since 2002 but is set to run dry in a few years, Filipino officials earlier said. "Today's announcement is consistent with Shell's efforts to shift our upstream portfolio to one that is focused on nine core positions," Wael Sawan, Shell's upstream director, said in a statement. A subsidiary of the oil and shipping firm Udenna Corp. is to pay $380 million for Shell's 45 percent operating interest in the gas field, plus up to $80 million between 2022 and 2024 "contingent on asset performance and commodity prices", the statement added. The deal is expected to be completed by the end of the year. The transaction brings Udenna's total shareholding in the Malampaya field to 90 percent having earlier bought out the 45 percent stake of US oil giant Chevron in 2019. A state-owned Philippine company holds the remaining 10 percent. cgm/axn
schema:headline	Shell sells Philippines gas field stake for up to $460 million
schema:mentions	Petroleum reservoir Royal Dutch Shell Chevron Corporation Commodity South China Sea Philippines Malampaya gas field Mark Roebuck Energy industry AXN
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-05-20 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	79 (xsd:integer)

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