More Gas may be found near Malampaya

I was about to post this article when it was quickly overtaken by news a day later of how Dennis Uy’s Udenna Corporation. had gone on and bought Chevron’s 45% stake in the Malampaya Oil and Gas Field instead of Manny V. Pangilinan’s group.

However, it still contained some vital information, first of which is that before the Udenna-Chevron transaction, the Philippines’ stake in Malampaya really was only 10%, owned by the Philippine National Oil Corporation (PNOC).

Malampaya is expected to be depleted by 2024-2027, but more Gas may be found near it. If Gas is indeed found near Malampaya, the plan is to connect a Pipeline to it from the new Gas field so Malampaya can continue to operate despite the current Gas field being depleted.

SOURCE: MVP Group eyes Malampaya stake

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Philippines’ stake in Malampaya rises to 55%

Wow, things move so damn fast these days. There were news reports yesterday (Tuesday, November 12, 2019) that said that Manny V. Pangilinan’s group was interested in buying Chevron’s 45% stake in the Malampaya Oil and Gas Field.

That article also confirmed that the Philippines’ stake in Malampaya really was only 10%. I was about to post that when this new development came out today that said that Udenna Corp. which is owned by Dennis Uy had just bought all of Chevron’s stake in Malampaya.

This means that the stake of Philippine Companies in Malampaya had risen from only 10% before to 55% now, which is of course a very good thing.

SOURCE: Dennis Uy's Udenna buys Chevron's Malampaya stake

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Philippines reportedly only receives 10% of Malampaya’s Revenues

One thing I noticed about the Malampaya Oil and Gas Project is that they rarely mention how much share the Philippines really gets from that project. Now this article from the Manila Times says it is only T-E-N (10) percent, which is probably why it almost never gets mentioned.

The Philippines reportedly already received Usd 10 billion in revenues as of 2018, meaning that the European Operators already got the majority of the revenues which is Usd 90 billion.

I remember reading another article before that said that the Operators invested the money for the equipment and operation of the project which is why they got more of the share, but come on, 90% is way too much.

On the other hand, China recent news reports said that they are reportedly offering not only a higher share than what we got from Malampaya, but also the Majority of the share also at 60% for joint exploration deals in the South China Sea (SCS).

So if the venture generates Usd 100 billion in revenues just like Malampaya, we will get Usd 60 billion.

SOURCE: PH, China and US: Joint Exploration vs Rearmament

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