Shell completes sale of stake in Thailand’s Bongkot field
HOUSTON -- Shell has announced that its affiliates, Shell Integrated Gas Thailand Pte Ltd. and Thai Energy Company Ltd., have completed the sale of their 22.2222% interest in Bongkot field and adjoining acreage offshore Thailand to PTT Exploration & Production Public Company Limited (PTTEP) and PTTEP International Limited, a wholly-owned subsidiary of PTTEP, for a transaction value of $750 million.
This sale, which consists of Shell’s stake in Blocks 15, 16 and 17 and Block G12/48, was announced on Jan. 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 divestment program 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.