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Shell exits Philippine gas field in $460 mln deal

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)

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