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

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


BASF to increase prices for wet-end paper chemicals in EMEA

LUDWIGSHAFEN, GERMANY: BASF SE said that it will increase prices for wet-end paper chemicals in Europe, Middle East and Africa region (EMEA) by 4 to 1 ...

Read more
Chevron makes major oil discovery in Gulf of Mexico

SAN RAMON, US: Chevron Corporation (CVX) has made significant oil discovery at the Ballymore prospect in the deepwater US Gulf of Mexico. Ballymore i ...

Read more
Kraton presents speciality polymer technologies in India

HOUSTON, US: Kraton Corporation (KRA) said that it will showcase its trademark speciality polymers in India. With the brand promise of "Sustainab ...

Read more
ExxonMobil plans to triple Permian oil production by 2025

IRVING, US: ExxonMobil Corporation said that it plans to triple total daily production to more than 600,000 oil-equivalent barrels by 2025, from its o ...

Read more
Nippon Shokubai to expand performance chemicals capacity

CHUO-KU, JAPAN: Nippon Shokubai Co Ltd said that it will expand the production capacity for functional monomer VEEA, functional polymers EPOCROS and E ...

Read more
Tronox gets Saudi approval to buy Cristal TiO2 business

STAMFORD, US: Tronox Limited (TROX) has received the approval from Saudi Arabia's General Authority for Competition for the proposed acquisition ...

Read more