According to government sources, the official correspondence was sent by Chevron to its partners, informing them of the offer of Udenna Corporation, which the American firm reportedly classified as an “enticing offer.”
SPEX and Chevron hold the majority stake of 45-percent each in the Malampaya deep water gas project, of which Service Contract 38 will expire in 2024. Chevron’s targeted exit in the Philippine oil and gas industry was reportedly anchored partly on uncertainties surrounding the Malampaya consortium’s application for license extension – that is still currently pending with the Department of Energy.
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