The Department of Energy (DOE) was recently urged to carefully evaluate the financial health of companies behind the acquisition of the Malampaya gas field project.
Based on the information from Singapore Accounting and Corporate Regulatory Authority (ACRA), the Malampaya Energy XP Pte. Ltd. — buyer of Shell Philippine Exploration B.V. (SPEX) 45 percent shares in Malampaya — has paid up capital of USD100 or around P5,000 only, Sen. Sherwin Gatchalian said.
Energy Secretary Alfonso Cusi said the agency will still confirm the information, but doubted that Malampaya Energy’s capital is only at USD100 as it will not be able to sustain the gas field operation with that amount.
Gatchalian said the parent company of Malampaya Energy, Udenna Corp., which is expected to financially support its subsidiaries, has huge debt loads.
Udenna Corp. initially bought the 45-percent stake of Chevron Malampaya LLC through its subsidiary UC Malampaya Philippines Pte. Ltd, and then bought another 45 percent shares of SPEX through Malampaya Energy.