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Malampaya natural gas plant. Source: http://malampaya.com/ MANILA, Philippines — The Department of Energy (DOE) said during Tuesday’s hearing at the Senate that the Chevron-Udenna deal approved in March concerning the 45-percent stake in the Malampaya shares is a “voidable contract.” Energy Assistant Secretary Leonido J. Pulido III bared that the parties concur that the Chevron-Udenna deal sealed in March 11, 2020 could still be voided if it would not be approved by the DOE. The 45-percent stake of businessman Dennis Uy’s UC Malampaya LLC is worth $565 million. Pulido also stressed the sale is voidable in response to Senator Imee Marcos’ query if it is an “incomplete sale.” This means that the divestment of the 45-percent Chevron equity in Malampaya could still fail without government approval. Undersecretary Donato D. Marcos said the DOE is still evaluating the Chevron-Udenna sale as well as the financial and technical capability of the Uy-led firm to be in gas field ... » Learn More about DOE says Udenna deal in Malampaya shares a ‘voidable contract’

MANILA, Philippines — Senator Sherwin Gatchalian on Friday called on the Department of Energy (DOE) to justify its decision approving the transfer of Chevron Philippines’ ownership in Chevron Malampaya LCC to Udenna Corporation (UC) Malampaya Philippines. Gatchalian, Chairman of the Senate Committee on Energy, noted that UC Malampaya Philippines completed on March 11, 2020, its acquisition of Chevron Malampaya LLC, the holder of a 45% interest in Malampaya gas field project. Still, it was only on October 28, 2020, that the DOE was officially provided with the Malampaya share’s divestment documents. “Prior to the DOE announcement on their approval of the sale, it is worthy to note that the Senate Energy Committee has sought the department’s submission of its legal basis in reviewing the transaction, whether there is a need for another issuance to clarify if these kinds of transactions would need executive approval or not, and their recommendations to the legislature on possible ... » Learn More about Gatchalian to DOE: Justify Udenna’s acquisition of Malampaya stake

SEN. Sherwin Gatchalian on Friday wants the Department of Energy (DoE) to justify its decision to green-light the transfer of Chevron’s stake in the Malampaya venture to the company controlled by Udenna. Gatchalian, who chairs the Senate Committee on Energy, said no less than the DoE’s legal department told his committee in a public hearing last November 10, that such a transaction is governed by a DoE circular requiring an evaluation of the technical, legal and financial capacity of the company. He said Presidential Decree (PD) 87 also requires the approval of the DoE on such transfer of shares in upstream petroleum ventures. Gatchalian also said in the joint operating agreement signed by the members of the consortium operating Malampaya (Shell, Chevron and PNOC-EC), there exists a provision that for the sale of shares to be finalized, the party or the transferer has to ensure that they get all prior permits or approvals from the government. Gatchalian noted the ... » Learn More about Explain Udenna entry into Malampaya, DoE asked