Reuters
Shell exits Philippine gas field in $460 mln deal
LONDON, May 20 (Reuters) – Royal Dutch Shell RDSa.L has agreed to sell its stake in a offshore gas field in the Philippines for $460 million as part of its strategy to narrow its oil and gas operations.
Shell sold its 45% stake in Service Contract 38 (SC38), a deep water licence which includes the producing Malampaya gas field, to a subsidiary of the Udenna Group which already holds a 45% stake in the project.
(Reporting by Ron Bousso; Editing by Simon Cameron-Moore)
(([email protected]; +44 (0) 2075422161; Reuters Messaging: [email protected]))