Shell Philippines Exploration B.V. jointly operates the gas field together with Udenna Corp. and state-run Philippine National Oil Company-Exploration Corp. Udenna bought its 45% stake from Chevron (CVX) in a $565 million transaction that was completed in March, according to newspaper Manila Bulletin.
In a statement sent by Shell to broadcaster ABS-CBN, the energy firm said that the sale of the Malampaya stake is part of an "ongoing portfolio rationalization" aimed at securing the long-term sustainability of its business.
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