Shell sells stake in Thai field for $750m

Shell news
Shell news

Shell said today that two of its affiliates had sold their stake in a field off Thailand for $750 million.

Shell Integrated Gas Thailand and Thai Energy Company held a 22.2222% interest in the Bongkot field and adjoining acreage.

That stake has been now been sold to PTT Exploration & Production Public Company (PTTEP).

This sale, 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, increased its stake in Bongkot to 66.6667%.

The remaining 33.3333% belongs to Total.

Shell said the sale was part of its $30 billion divestment programme, aimed at balancing the books following its acquisition of BG Group.

A Shell spokesman said: “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.

“This announcement has no impact on Shell’s other business interests in Thailand.”

Yesterday, the company announced the completion of its sale of an equity stake in a Malaysian LNG venture, and said it had struck a deal to divest its interests in two Norwegian fields.

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