MANILA, Philippines—The ruling of the International Chamber of Commerce (ICC) in Singapore on the arbitration case filed by Shell Philippines Exploration B.V (SPEX) against the government on the Malampaya gas project’s corporate income tax issue should revitalize the oil and gas exploration industry. Senator Sherwin Gatchalian said this Friday after the Malampaya consortium reportedly received a favorable ruling from the ICC on the $1.1-billion (or approximately P53-billion) tax case that SPEX filed against the government in 2015. SPEX is the lead operator of the Malampaya gas project in northwest Palawan. The operators of the Malampaya gas platform had sought international arbitration on the issue involving their alleged unpaid tax obligations to the government in 2015. READ: Malampaya tax dispute goes to Singapore courtWith the resolution of the Shell arbitration case, the senator stressed that there will no longer be a “legal impediment for investors to undertake oil and natural gas explorations” in the country.

Source: Philippine Daily Inquirer April 26, 2019 03:22 UTC