Shell plans to sell its stake in the Malampaya gas project in the Philippines. Shell says to look at the options for interest, including a disinvestment. In doing so, the company responded to reports in the Philippine media about a possible sale.
Shell holds a 45 percent stake in the project where power is generated using gas from the Malampaya field off the Philippines coast. That gas field is now beginning to reach the end of its production life. The Malampaya field accounts for about one fifth of the power requirements of the Philippines. Earlier this year, the American Chevron sold its 45 percent stake in Malampaya to the Filipino company Udenna.