Metro Manila (CNN Philippines, November 13) — A holding company owned by Davao-based businessman has bought a large stake in the Malampaya gas field off Palawan province.

In a statement Wednesday, Dennis Uy-led Udenna Corporation announced that it has bought all of the shares of Chevron Philippines, Ltd., in the Malampaya gas field. This amounted to 45 percent of all non-operated shares in the offshore gas-to-power project.

The sale happened on October 25 - a product of one year of negotiations with Chevron.

"The acquisition 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," Uy said in the statement.

The sale does not allow Udenna to participate in other upstream fields or in gas-to-power value chains.

The gas field is operated by Shell Philippines Exploration B.V. and the government's Philippines National Oil Company. The contract with Shell expires in 2024, the same year that the Department of Energy estimates Malampaya to have substantially reduced its capacity.

Malampaya, located west of Palawan, supplies approximately 20 percent of the country'senergy demand. It is near Reed Bank, a part of the Philippines' exclusive economic zone and a disputed territory with China.

Udenna recently purchased Wendy's Philippines.

It also owns 35 percent of Dito Telecommunity, the country's third telecommunications player. It's subsidiary, Chelsea Logistics, owns another 25 percent stake of the telecommunications company. China Telecom, ran by the Chinese government, is the single biggest stakeholder of the new telco, with a 40 percent share.