Shell has agreed to sell its 22.22 per cent interest in the Bongkot field and adjoining acreage offshore Thailand to PTT Exploration & Production Public Company Limited (PTTEP) for US$750 million.
The agreement is for Shell’s stake in Blocks 15, 16 and 17 and Block G12/48. Following the completion of this transaction, PTTEP’s stake in Bongkot will increase to 66.6667 per cent, with the remaining 33.3333 per cent owned by Total. PTTEP is the current operator of Bongkot.
The dealis expected to complete in the second quarter of 2018, subject to completion of certain conditions in the agreement.
Shell said that the decision to divest remains driven by our strategy to sell non-core assets in order to re-shape Shell into a simpler, more resilient and focused company. This sale takes Shell a step closer to its divestment target of $30 billion.
Shell said that this sale has no impact on the oil firm’s other business interests in Thailand.