Shell Completes Thai Field Sale

Anglo-Dutch major Shell announced June 21 that it, and Thai Energy Company, have completed the sale of their 22.2222% interest in the Bongkot field and adjoining acreage offshore Thailand to the state-owned PTT Exploration & Production for a transaction value of $750mn.

This sale, which 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.

This is the third deal Shell has said it has completed in two days, for a total $2bn, bringing its disposals to $28bn, up from the $26bn announced in its first quarter update, and $2bn short of its target. More deals yet to complete but either well-advanced or announced will take it $2bn over that target.