SHELL AGREES TO SELL STAKE IN THAILANDS BONGKOT FIELD TO PTTEP

Energy Press Releases Wednesday January 31, 2018 14:32
Bangkok--31 Jan--ABM

Shell Integrated Gas Thailand Pte Ltd and Thai Energy Company Ltd, affiliates of Royal Dutch Shell Plc, have agreed to an asset sale of their 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 transaction is expected to complete in the second quarter of 2018, subject to completion conditions as prescribed in the agreement.

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%, with the remaining 33.3333% owned by Total. PTTEP is the current operator of Bongkot.

Shell's 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.

This transaction has no impact on Shell's other interests in the country. Shell has a long and rich history of over 125 years in Thailand and we are committed to growing our Downstream and LNG businesses here. We will also retain our stake in Thailand's Blocks 7, 8 and 9.


Latest Press Release

SET embraces libraries nationwide in Library: Care the Bear project to reduce carbon emissions

The Stock Exchange of Thailand (SET) jointly with the Thai Library Association (TLA) under the Royal Patronage of H.R.H. Princess Maha Chakri Sirindhorn is launching the "Library: Care the Bear" project by adopting green initiatives in libraries such as...

Sterlite Power Forays Into Grid Connected Battery Storage

- The solution provides for utility's capacity and energy needs, including ancillary services Sterlite Power has submitted bids for two storage projects in the recently concluded auction of Salt River Project utility. This marks the first foray of...

WIND EXPO 2019: Industry leaders gather in Japan at the dawn of emerging offshore wind power

Reed Exhibitions Japan Ltd. will be holding WIND EXPO 2019 - Japan's largest wind energy exhibition & conference from Feb. 27 at Tokyo Big Sight, Japan. The 7th edition will be attracting 160 exhibitors from 13 countries and held inside "World Smart...

มหกรรม BATTERY JAPAN 2019 เตรียมเปิดฉาก จัดเต็มเทคโนโลยีแบตเตอรี่โซลิดสเตทและแบตเตอรี่รถยนต์ไฟฟ้า

Reed Exhibitions Japan Ltd. เตรียมจัดมหกรรม BATTERY JAPAN 2019 - Int'l Rechargeable Battery Expo โดยจะเปิดฉากในวันที่ 27 กุมภาพันธ์ ณ ศูนย์แสดงสินค้า Tokyo Big Sight ประเทศญี่ปุ่น ปัจจุบัน...

BATTERY JAPAN 2019: Solid-state battery and EV battery imminently set for commercialisation

Reed Exhibitions Japan Ltd. will be holding BATTERY JAPAN 2019 - Int'l Rechargeable Battery Expo from Feb. 27 at Tokyo Big Sight, Japan. Along with the spread of renewable energy such as photovoltaic and wind power generation, the demand for...

Related Topics