Insider Spotlight
The Philippine Daily Inquirer’s Biz Buzz column reported that Davao-based tycoon Dennis Uy had sold his remaining 45 percent interest in the project to Razon, citing sources familiar with the deal.
The transaction caps a years-long ownership reshuffle involving one of the country’s most critical energy assets.
Years-long ownership transition
Uy had once controlled 90 percent of Malampaya after acquiring the former Chevron and Shell interests.
He ceded control to Razon in 2022 when Prime Infrastructure acquired the company holding the former Shell Philippines Exploration B.V. stake, while Uy retained the remaining 45 percent interest originally purchased from Chevron Corp. until the latest transaction.
Strategic energy asset
Located about 50 kilometers northwest of Palawan, Malampaya has supplied indigenous natural gas to power plants in Batangas since commercial production began in 2002 and has at times provided enough fuel to generate about 20 percent of Luzon’s electricity.
Prime Infrastructure has previously said it intends to invest in extending the field’s productive life and developing additional wells as the Philippines seeks to strengthen its long-term energy security.
Expanding infrastructure empire
The deal strengthens Prime Infrastructure’s growing portfolio of essential services, including water, natural gas, renewable energy and waste management. Among its biggest investments are Manila Water Co. Inc. and a 60 percent stake in First Gen Corp.’s gas-fired power plants.
In 2025, the group generated P67.6 billion in revenue last and P20.8 billion in profit, data from its website showed.
—Edited by Miguel R. Camus
