Shell Completes $750MM Offshore Thai Field Stake Sale
Shell announced Thursday that its affiliates, Shell Integrated Gas Thailand Pte Ltd and Thai Energy Company Ltd, have completed the sale of their 22.2222 percent interest in the Bongkot field and adjoining acreage offshore Thailand.
The stake was sold 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.
“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,” Shell said in a company statement.
This transaction, which consists of Shell’s stake in Blocks 15, 16 and 17 and Block G12/48, was announced on January 31. PTTEP is the operator of Bongkot and, with completion of this transaction, increases its stake in the field to 66.6667 percent. The remaining 33.3333 percent belongs to Total.
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