Thailand: Gas Business Deal Shell Completes Sale of Stake in Bongkot Field to PTTEP for 750 Million Dollars
The sale consists of the firm’s stake in Blocks 15, 16 and 17 and Block G12/48. With this deal, PTTEP which is the operator of Bongkot increased its stake to 67 %.
Thailand – Shell has recently announced that its affiliates, Shell Integrated Gas Thailand and Thai Energy Company, have completed the sale of their 22.2222 % interest in the Bongkot field and adjoining acreage offshore Thailand to PTT Exploration & Production Public Company (PTTEP) and PTTEP International, a wholly-owned subsidiary of PTTEP, for a transaction value of 750 million dollars.
This sale, which consists of Shell’s stake in Blocks 15, 16 and 17 and Block G12/48, was announced on January 31, 2018 and completion follows receipt of the necessary regulatory approvals. PTTEP is the operator of Bongkot and with completion of this transaction, increased its stake in Bongkot to 66.6667 %. The remaining 33.3333 % belongs to Total.
Completion of this deal shows the clear momentum behind Shell’s value-driven 30 billion dollar divestment programme and is in line with Shell’s drive to simplify and refocus its portfolio, reshaping the company into a world class investment.
This announcement has no impact on Shell’s other business interests in Thailand.