Shell signs agreement to sell its stake in Thailand’s Bongkot field

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, which 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 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. This transaction is expected to be completed in Q1 2017.