The government's approval of the sale of the 45-percent stake of Shell Philippines Exploration B.V. (SPEx) in the Malampaya gas-to-power project to Prime Infrastructure Capital Inc. was premised on the company's commitment to expand gas production and possibly develop other nearby resources, according to Energy Secretary Raphael Lotilla on Wednesday.
Energy Secretary Raphael Lotilla. Screengrab from DOE Virtual Press Conference
"The approval by the DoE (Department of Energy) of the sale of Shell's interest in SC38 of Malampaya was premised also on the commitment of the new entrant to maximize the development of the existing resources in the Malampaya Camago reservoir with a view to developing the nearby fields as well," Lotilla said, referring to Service Contract 38.