Shell has reached an agreement with KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), for the sale of subsidiary companies Shell Integrated Gas Thailand Pte Limited and Thai Energy Co Limited.
The two together hold a 22.222% equity stake held in the Bongkot field, and adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and block G12/48, for USD 900 million.
Shell’s partners in the Bongkot Asset are the operator of the field, PTTEP, with 44.445% equity, and Total with 33.333% equity.
This transaction, according to a statement from the Anglo-Dutch oil giant, shows the clear momentum behind Shell’s global, value-driven $30bn divestment programme, and is consistent with the company’s strategy to high-grade and simplify its portfolio following the acquisition of BG.
The transaction is expected to be completed in Q1 2017, even as Shell says the announcement has no impact on its other business interests in Thailand.
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