Philippine tycoons jostle for Shell’s Malampaya stake

Philippine business tycoons are eager to buy Shell’s stake in the deep-water Malampaya project. However, any potential suitors for the 45% interest, valued at between $250 million and $300 million by analysts at Rystad Energy, will need to bring strong technical skills to eek more gas out of the aging field.

Business tycoon Manny V Pangilinan said that a group led by First Pacific, of which he is chief executive, have made “a final non-binding offer to Shell.”