Chevron-Malampaya stake sale to Udenna with PCC
THE country’s antitrust body has confirmed its receipt of the submission of documents to review the sale and purchase agreement of Chevron’s stake in Malampaya.
On the sidelines of a briefing on Wednesday, Philippine Competition Commission (PCC) Chairman Arsenio M. Balisacan told reporters the submission is now being evaluated.
Balisacan said initially, PCC will evaluate the “completeness” of the submission, asserting that PCC will not entertain “piecemeal submissions” of requirements. This is part of the sufficiency determination stage.
“The clock will not tick until all the requirements are there. We can return it if it’s not complete. When they submit, we allow for [time to check if requirements are complete]. If it’s not complete, we will ask them to come back with the complete set of documents,” Balisacan said.
Recently, Chevron and UC Malampaya Philippines Pte. Ltd., a unit of Udenna, signed a sale and purchase agreement.
First Gen Corp., which sources most of its supply from the Malampaya gas field, expects a “business as usual” scenario once the sale of Chevron Malampaya Llc.’s entire 45-percent stake in the gas field to Udenna Corp. of businessman Dennis Uy is finalized.
In its web site, Chevron said it holds a 45-percent non-operated working interest in the Malampaya gas-to-power project, the first natural gas development and largest industrial project in the Philippines.
The Malampaya gas-to-power project opened the door to the natural gas industry in the Philippines. It lies about 50 miles (80 kilometers) northwest of the Philippine island of Palawan.
In 2018, Chevron said the net daily production averaged 138 million cubic feet of natural gas and 3,000 barrels of condensate.
Produced from fields at water depths of about 2,800 feet (853 meters), Chevron said the gas is transported 314 miles (505km) through subsea pipelines from an offshore platform to the Batangas onshore natural gas plant on the main island of Luzon.
Once treated, Chevron said the gas is transported via overland pipelines to three power plants designed to generate a total of 2,700 megawatts of power.
The Malampaya Phase 2 Project was completed in 2015. The infill wells and compression facilities have maintained production and, delivered contracted volumes to customers. Cai U. Ordinario
The Securities and exchange Commission (SeC) on Wednesday said it has started accepting applications for the revival of expired corporations, after the guidelines became effective upon its publication on December 6.
Under the guidelines, an expired corporation whose certificate of registration has been suspended or revoked for non-filing of reports may revive its existence, provided it shall file the proper petition and settle the corresponding penalties. An expired corporation whose corporate name has already been validly reused by another existing corporation may also apply for a revival of corporate existence, provided it changes its corporate name.
On the other hand, the guidelines shall not apply to corporations which have completed the liquidation of their assets or have been dissolved.
An expired corporation may also not apply for revival of corporate existence when it has already availed themselves of reregistration, except when the reregistered corporation has undertaken to undergo voluntary dissolution or change its corporate name. At least a majority of the board of directors or trustees and of the outstanding capital stock or members, in the case of a nonstock corporation, must vote in favor of the revival of the expired corporation.
The expired corporation shall file with the SeC a verified petition for revival, which shall state that there is no intra-corporate controversy and that no third persons nor government agency will be prejudiced by its revival, among others.
Along with the petition, the expired corporation shall file copies of its certificate of incorporation, articles of incorporation, revived articles of incorporation showing the proposed changes in its corporate term, general information sheet and audited financial statements as of expiration, and other documentary requirements.
The petition may be filed with the SeC Company Registration and Monitoring Department or any of the SeC’s Satellite and extension Offices.
The revival of expired corporations is pursuant to Section 11 of the Revised Corporation Code, which provides for the perpetual existence of corporations. Under the old Code, corporate terms were capped at 50 years.