At Udenna, we believe in the benefit of promoting natural gas as an essential fuel to support the country’s growing energy needs and economic growth.

Dennis Uy-led Udenna Corp. has acquired the 45 percent interest of Chevron Philippines Ltd. in Malampaya gas field, the country’s lone commercially producing gas field.

The company on Wednesdsy said the sale and purchase agreement for the stake in the facility was signed on 25 October between Udenna’s wholly-owned unit UC Malampaya Philippines Pte. Ltd. and Chevron Philippines’ unit Chevron Malampaya LLC, which held the 45 percent share in Malampaya.

Malampaya supplies about 20 percent of the country’s total energy demand. It is operated by Shell Philippines Exploration BC (45 percent) with the Philippine National Oil Company (10 percent) as third joint venture partner. The facility supplies five natural gas power plants in Batangas or nearly half of the Luzon grid’s power requirements.

In a press statement, Udenna said the asset’s strategic nature underpins its investment in Malampaya. The company did not disclose the transaction cost.

“At Udenna, we believe in the benefit of promoting natural gas as an essential fuel to support the country’s growing energy needs and economic growth,” Udenna chairman and chief executive officer Dennis Uy said in a press statement.

“The acquisiiton of Chevron’s interest in the Malampaya gas field marks an important milestone for Udenna, fitting strategically with our long-term ambitions of developing a sustainable clean energy business in the Philippines.”

Moreover, Udenna said it has “assessed and established” a plan for the development of Malampaya and its surrounding fields to “ensure” the country’s energy security and the “benefit of our joint venture partners.”

The transaction is subject to regulatory approvals including that of the Philippine Competition Commission’s. To clarify competition questions, the company said it is not a participant of any other upstream fields nor does it have any links of the gas-to-power value chain.

“We look forward to working with the joint venture partners, Shell and PNOC and Malampaya’s key stakeholders, including the Philippines Department of Energy, to ensure that Malampaya continues to play an important role in sustainable nation building in the Philippines,” it said.

The acquisition follows Dennis Uy’s recently announced takeover of Wendy’s Philippines via its food subsidiary Eight-8-Ate Holdings.