Photo Release

On Udenna buy-out of Chevron in Malampaya: Sen. Risa Hontiveros, during Thursday’s virtual hearing of Finance Subcommittee E October 21, 2021 on the proposed 2022 budgets of the Department of Energy (DOE), Energy Regulatory Commission (ERC) and National Electrification Administration (NEA), inquires about the acquisition of Dennis Uy’s Udenna Corp. of Chevron’s stake in the Malampaya gas field. Hontiveros, noting the Chinese interest in Malampaya, said the buy-out should have a prior approval of the DOE, citing threat to national patrimony. Energy Sec. Alfredo Cusi said the selling of shares of Chevron in the gas field need not be approved by the DOE and it had happened before when Shell invited buyers for its shares of stocks. Hontiveros made the observation even as concerned citizens filed a criminal complaint against Cusi, Uy and several others over Uy's acquisition of a Chevron subsidiary with a 45 percent stake in the Malampaya gas field. (Screen grab/Senate PRIB)