Shell has agreed to sell its 22.2% stake in the Bongkot gas field in Thailand to the Thai upstream company PTT Exploration & Production (PTTEP) for a total amount of US$750m. The sale also includes adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and block G12/48. The transaction is now scheduled to be completed in the second quarter of 2018. Once approved, PTTEP's stake in Bongkot will increase to 66.7%, while Total will hold the remainder.
The stake was originally meant to be sold to Kuwait Foreign Petroleum Exploration Company (KUFPEC) but was later cancelled in October 2017. Both Shell and KUPFEC failed to resolve the different interpretations they had on the equity sale transactions within the committed time frame and decided to terminate the transaction.
The Bongkot field is located in the neighbourhood of the Erawan field. The offshore 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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