Royal Dutch Shell sells its Philippine subsidiary Shell Philippines Exploration to Malampaya Energy for $380 million. The British-Dutch energy group announced this on Thursday.

SPEX has an operational stake of 45 percent in the natural gas field Malampaya, which has been productive since 2002.

“This announcement today is consistent with Shell’s commitment to focus our Upstream portfolio on nine core positions,” said CEO Wael Sawan of Shell Upstream.

The selling price can reach $ 460 million through additional payments in the period 2022 to 2024, depending on production results and commodity prices.

Shell expects to be able to complete the divestment before the end of the year.