Shell Philippines Exploration B.V. ( Spex), the operator of the Malampaya natural gas project off El Nido, Palawan, is planning to sell its 45 percent stake, an official said Thursday.

”We have not started this (sale) yet,” Don Paulino, Spex B.V managing director and general manager, told dzBB. ”If there are no takers, we will remain there.”

In  an email to the Daily Manila Shimbun, a Shell spokesperson said: ”As part of an ongoing portfolio rationalization to simplify and increase the resilience of its business, Shell is exploring its options with a view to divest its interest in SC38 (Malampaya).”

“  Shell would ensure a smooth transition of the asset to a credible buyer who would be well placed to optimize the value from Malampaya,” the spokesperson added.

”The Philippines remains an important country for Shell after over a century of successful operations and Shell will continue to pursue opportunities where it can leverage its global expertise in line with its strategy,” the spokesperson added.

Spex B.V. holds 45 percent stake in the Malampaya natural gas project, which supplies at least 30 percent of country’s energy requirement. Udenna Corp. brought the 45 percent of Chevron Philippines LLC, while PNOC Exploration Corp. holds 10 percent.

Paulino did not disclose the price of the stake just like Udenna Corp., when it finalized the transaction with Chevron last March.

Recently, Pilipinas Shell Petroleum Corp., the country’s second largest oil company, shut down its 110,000-barrel refinery in Batangas province and transformed it into an import terminal. DMS