Udenna’s Acquisition Of Chevron’s Stake In The Malampaya Gas Field In The Philippines


Ashurst advised ANZ and ING on this transaction.

ANZ and ING acted as the mandated lead arrangers and bookrunners in relation to a US$400 million reserve based lending facility to finance Udenna’s acquisition of Chevron’s 45% operating interest in the Malampaya gas field offshore Palawan, Philippines.

The Malampaya gas field is developed and operated by Shell Philippines Exploration BV, which also has a 45% interest. The acquisition marks an important milestone for Udenna, and is understood to fit strategically with Udenna’s long-term ambitions of developing a sustainable energy business in the Philippines.

The Ashurst team was led by Alfred Ng (Picture), supported by partners Jean Woo and Mike Neary. Partner Christopher Whiteley advised on the hedging aspects of the financing.

Involved fees earner: Michael Neary – Ashurst; Alfred Ng – Ashurst; Christopher Whiteley – Ashurst; Jean Woo – Ashurst;

Law Firms: Ashurst;

Clients: ANZ Banking Group; ING Bank;

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Author: Michael Patrini