Dennis Uy now owns almost half of Malampaya gas field

Ralf Rivas
Dennis Uy buys all of the shares of Chevron Malampaya LLC, a wholly-owned subsidiary of Chevron Philippines, which has a 45% stake in the Malampaya gas field

ACQUISITION. Dennis Uy buys Chevron's stake in Malampaya. File photo by Angie de Silva/Rappler

MANILA, Philippines – Rising tycoon Dennis Uy now owns almost half of the Malampaya gas field after buying the 45% stake of Chevron Philippines in the facility.

In a statement on Wednesday, November 13, Uy’s Udenna Corporation said its subsidiary, UC Malampaya Philippines, fully acquired shares of Chevron’s subsidiary, Chevron Malampaya LLC, last October 25.

The companies did not disclose the amount of the transaction. The deal is still subject to regulatory approvals.

Malampaya is operated by Shell Philippines Exploration BV, which has a 45% stake. State-run Philippine National Oil Company is the 3rd partner with a 10% stake.

“The acquisition of Chevron’s interest in the Malampaya gas field marks an important milestone for Udenna, fitting strategically with our long-term ambitions of developing a sustainable clean energy business in the Philippines,” Uy said.

Uy owns Phoenix Petroleum and is also proposing a liquefied natural gas facility in Batangas.

The latest acquisition comes just a day after Uy announced that Udenna’s food subsidiary is now the main franchise holder of Wendy’s Philippines. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.