Dennis Uy's Udenna Corp. Officially Secures 45% Stake in Malampaya Gas Field Consortium
Udenna Corporation tycoon Dennis Uy has officially completed his acquisition of a 45 percent stake in the Malampaya natural gas field, one of the largest industrial endeavors of the Philippines. Uy’s Udenna Corp. now formally assumes the position originally held by international energy firm Chevron.
Uy announced his company’s intention to take a seat in the Malampaya Consortium in November, 2019. The corporation completed the buyout deal through its subsidiary UC Malampaya Philippines Pte. Ltd. After it acquired all the shares owned by Chevron Malampaya LLC.
The Malampaya gas field was discovered in 1989, and production only began in 2001. A joint project between the national government and the private sector, Malampaya is spearheaded by the Department of Energy and operated by Shell Philippines Exploration B.V. and the Philippine National Oil Company. Udenna’s stake in the gas field is a “non-operating interest in Service Contract 38,” otherwise known as the Malampaya natural gas project.
Malampaya’s deep water gas-to-power project currently powers about 30 percent of the country’s energy. However, the government’s contract with Shell will expire in 2024, just four years away, after which full control and ownership of Malampaya will be turned over to the government.
The acquisition price was not disclosed to the public.
Uy is currently president and CEO of Phoenix Petroleum. Prior to his acquisition of the stake in Malampaya, Uy purchased the Philippine franchise of Wendy’s in November of last year, and became the exclusive distributor of Ferrari in the Philippines in October. In 2018, he also purchased Family Mart and Enderun Colleges, Inc. and launched his China-backed telecommunications company Dito Telecommunity.