Shell cancelled its February 2017 sale and purchase agreement with Kuwait Foreign Petroleum Exploration Company (KUFPEC) for the sale of its subsidiaries Shell Integrated Gas Thailand and Thai Energy, which together hold a 22.222% stake in the Bongkot gas field in Thailand for US$900m. The sale also included adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and block G12/48. Both companies failed to resolve the different interpretations they had on the equity sale transactions within the committed timeframe and decided to terminate the transaction.
The Bongkot field is operated by PTT Exploration & Production, with a 44.445% interest, in partnership with Total (33.333%). As for the Open-hearted Erawan gas field, the concession is due to expire in 2023. The Erawan and Bongkot fields jointly produce 62 mcm/d (23 bcm/year) of gas, accounting for ore than 3/4 of gas production in the Gulf of Thailand.
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