THE Department of Energy (DoE) on Monday announced its approval of the sale of shares of Malampaya operator Shell Philippines Exploration B.V. (SPEX) to Prime Infrastructure Capital Inc.

'As a result of the transaction, Shell Philippines Exploration B.V. (SPEX) will become a wholly owned subsidiary of Prime Infra. Prime Infra was found to be technically, financially and legally qualified as a transferee and as successor to Shell as operator of the Malampaya natural gas project. SPEX, as a Prime Infra subsidiary, will continue to be technically competent and financially capable to operate the Malampaya Service Contract 38,' Energy Secretary Raphael Lotilla said in a statement.