US supermajor Chevron is selling its 45% stake in the Shell-operated Malampaya gas field development in the Philippines to local tycoon Dennis Uy’s Udenna Corporation. "Chevron Corporation can confirm that its wholly-owned subsidiary, Chevron Philippines, Ltd, has entered into a sales and purchase agreement to sell the shares of its wholly-owned indirect subsidiary Chevron Malampaya LLC, which holds a 45% non-operated interest in the Malampaya gas-to-power project in the Philippines, to UC Malampaya Philippines Pte Ltd, a subsidiary of Udenna Corporation," Chevron told Upstream. "Closing of the transaction is subject to the satisfaction of certain closing conditions." Philippines Energy Secretary Alfonso Cusi told reporters