Shell Philippines Exploration B.V. (SPEX) plans to divest its 45-percent stake in the Malampaya Deep Water Gas-to-Power project off Palawan province to help streamline and strengthen its business, an official announced on Wednesday.

In a statement, SPEX Managing Director and General Manager Don Paulino said that “as part of an ongoing portfolio rationalization to simplify and increase the resilience of its business, Shell is exploring its options with a view to divest its interest in SC38 (Malampaya),” referring to Service Contract 38, which covers the project.