State-run PNOC Exploration Corp. will decide in October on whether to give its consent to the sale of the Shell Philippines Exploration B.V.’s 45 percent stake in the Malampaya gas project in northwest Palawan to the Malampaya Energy Group of businessman Dennis Uy.
“I opine we are halfway through the evaluation process for the consent. We might be ready by mid-October or thereabout,” PNOC EC president president Rozzano Briguez.
PNOC EC owns a 10-percent stake in service contract 38, or the Malampaya gas field project.
Briguez earlier said PNOC EC already waived its right to match the offer of Malampaya Energy XP Pte. Ltd., which is controlled by the Udenna Group, but had not given its consent to the sale.
Briguez said PNOC EC did not pursue the right to match because the acquisition would result in Spex becoming a government-owned and controlled corporation, posing and operational flexibility issues.
