Prime Infrastructure Capital Inc. is in the process of renaming Shell Philippines Exploration B.V. (SPEX) after one of its subsidiaries completed the acquisition of the latter’s 45-percent operating stake in the Malampaya deep water gas-to-power project .
Prime Infra said SPEX will evolve to Prime Energy Resources Development B.V., adding that it is the culmination of the transition process for a safe and seamless handover of operations from Shell.
The company said to facilitate the seamless transition of asset operations, it established a team of commercial, change management and upstream industry experts.
A team of around 300 SPEX employees also joins the Prime Infra group.
With the completion of the transaction, remaining stakes of the Malampaya project are now owned by UC38 LLC, a subsidiary of Udenna Corp. for the other 45 percent as the remaining 10 percent is held by the government through PNOC Exploration Corp.
Prime Infra said its next urgent step for Prime Energy is to sustain and expand gas production in light of the growing electricity demand.
“As a purpose-driven company, Prime Infra is committed to invest in critical infrastructure that supports the country’s urgent needs. We are excited to be part of the next phase of Malampaya, and to further the potential of Service Contract 38 as we work on securing the license extension,” said Guillaume Lucci, Prime Infra president and chief executive officer.
The Malampaya project is considered among the country’s most important power assets as it produces natural gas to power plants in Batangas City that power up to 20 percent of Luzon’s total electricity requirements. – Jed Macapagal
