Senator Sherwin Gatchalian asked the Department of Energy to be transparent in its review of the sale of Shell Philippines Exploration BV’s stake in the Malampaya gas field to Malampaya Energy XP Pte. Ltd., a subsidiary of Udenna Corp. owned by businessman Dennis Uy.
“This is no ordinary asset. What are the sets of criteria that they will use in evaluating this transaction? It has to be very clear to the public,” Gatchalian, chairman of the Senate energy committee, said.
Energy Secretary Alfonso Cusi earlier said the department was still in the process of evaluating the transaction and it had not yet reached a decision as the parties concerned still had to comply with the requirements of the government.
Gatchalian in April also sought justification from the DOE on its decision to give the green light on the transfer of Chevron Malampaya LLC’s 45-percent interest in the Malampaya project to UC Malampaya Philippines, another subsidiary of Udenna.
Gatchalian underscored the significance of acquiring Spex’s stake as the company not only holds a 45-percent share but also the operatorship of Service Contract No. 38.
