Udenna Corporation through its subsidiary, Malampaya Energy XP Pte Ltd has signed a Sale and Purchase Agreement (SPA) with Shell to acquire Shell Philippines Exploration BV (SPEX), which holds a 45% share and operatorship of the Malampaya Deepwater Gas to Power Project.

To complete this US$460 million transaction, Udenna will be receiving funds from these four banks: ING Bank, Australia and New Zealand Banking Group Ltd. (ANZ), Deutsche Bank, and Farallon Capital.

Located in Northwest Palawan, Malampaya Deepwater Gas to Power Project uses deepwater technology to extract natural gas from the deep-water reservoir. Malampaya delivers a fifth of the Philippines' growing electricity requirements through the supply of natural gas to five power plants in Luzon.