PRIME Infrastructure Capital, Inc. has appointed Sebastian C. Quiniones, Jr., former general manager and managing director of Shell Philippines Exploration B. V. (SPEx), as general manager of Prime Exploration Pte. Ltd.
“We are pleased to welcome Mr. Quiniones to the Prime Infra team,” said Prime Infra President and Chief Executive Guillaume Lucci in a press release on Wednesday.
He described the appointment as “a reflection of our commitment to ensure that, upon receiving the necessary regulatory approvals and taking over [SPEx], we will deliver outstanding operational performance and further the potential” of the service contract.
According to Prime Infra, the appointment is effective on Aug. 17. Mr. Quiniones also served as SPEx asset manager for which he was tasked to oversee the upgrade of the Malampaya deep-water asset.
It said Mr. Quiniones’ appointment “bolsters the commitment of Prime Infra to strengthening its talent capabilities in the upstream industry as it awaits regulatory consent to acquire the shares of the Malampaya operator.”
On July 29, Prime Exploration signed an agreement to acquire MEXP Holding Pte. Ltd. from a subsidiary of Udenna Corp. MEXP previously inked an agreement with Shell Petroleum N. V. for the 45% stake of SPEx in the Malampaya project.
The acquisition is subject to the approval of state-led PNOC Exploration Corp., which holds 10% of the Malampaya project, and the Department of Energy.
In June, Prime Infra said that it had bought the 45% stake held by a unit of Dennis A. Uy’s Udenna Corp. in the gas-to-power project. The stake was previously held by Chevron Malampaya LLC.
Prime Infra, which is led by businessman Enrique K. Razon, Jr., said at that time that it was “poised to acquire a controlling stake” in the project. — Ashley Erika O. Jose