Shell sells stake in Thailand’s Bongkot field to PTTEP

Shell sells stake in Thailand’s Bongkot field to PTTEP

Shell said it has sold off its stake in the Bongkot field via its Shell Integrated Gas Thailand Pte Ltd and Thai Energy Company Ltd.

The stake is a 22.2222% interest in the 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.

The company said the sale consists of Shell’s stake in Blocks 15, 16 and 17 and Block G12/48, was announced on 31 January 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 $30bn divestment programme and is in line with Shell’s drive to simplify and refocus its portfolio, reshaping the company into a world class investment.