Shell sell stake in Thai Bongkot field $750 million

Shell to sell stake in Thai Bongkot field for $750 million

8:48 AM, 31st January 2018
Shell logo
Shell logo at one of its station. (File photo)

BONGKOT THAILAND: Royal Dutch Shell Plc has agreed to sell its interest in the Bongkot field to PTT Exploration & Production Public Company Limited (PTTEP), for $750 million.

Shell Thai subsidiaries Shell Integrated Gas Thailand Pte Ltd and Thai Energy Company Ltd will sell their 22.2222 percent interest in the Bongkot field and adjoining acreage offshore Thailand to PTTEP and its subsidiary PTTEP International Limited.

The transaction is expected to complete in the second quarter of 2018.

The agreement is for Shell's stake in Blocks 15, 16 and 17 and Block G12/48. Following the completion of this transaction, PTTEP's stake in Bongkot will increase to 66.6667 percent, with the remaining 33.3333 percent owned by Total SA. PTTEP is the current operator of Bongkot.

Shell's decision to divest remains driven by our strategy to sell non-core assets in order to re-shape Shell into a simpler, more resilient and focused company. This sale takes Shell a step closer to its divestment target of $30 billion.

This deal has no impact on Shell's other business interests in Thailand.

© Worldofchemicals News



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