Shell cancels $900 million Thailand gas sale

The Hague-based LNG giant Shell has cancelled the $900 million sale of its stake in a Thai gas field to Kuwait’s state-owned KUFPEC.

Shell said in January the company entered into a deal for the sale of subsidiary companies Shell Integrated Gas Thailand and Thai Energy Co, 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.

Shell’s partners in the Bongkot asset are operator of the field, PTT Exploration & Production (PTTEP), with 44.445% equity, and Total with 33.333% equity.

“SIGT and TEC will continue to support PTTEP in both the safe and efficient operation and further development of Bongkot. SIGT also intends to participate in the forthcoming licensing round for the extension of the Bongkot concession, ” Shell said in a statement.

The sale was part of efforts by Shell to reduce debt after buying BG Group for $70 billion.

Shell added that, to date, the company had more than $25 billion in completed, announced or in progress divestments, and it was on track to meet its target of $30 billion of divestments between 2016 and 2018.

Share this article

Follow LNG World News

Posted on October 4, 2017 with tags .

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Central and Eastern Europe SSLNG Forum

SSLNG projects are important for Central and Eastern Europe (CEE) because they offer opportunities for solving issues…

read more >

Klaipeda LNG Forum 2019

Klaipėda LNG forum 2019 organised by Klaipėda Science and Technology Park, Klaipėdos nafta and Embassy of the Netherlands will take place on the 15-16 May at Klaipėda Castle’s site hall, Lithuania.

read more >

Flame 2019

Flame is Europe’s largest gathering of midstream gas & LNG players, bringing together everyone who matters – from producers to utilities, purchasers, infrastructure providers, traders, regulators and policy makers.

 

More info

read more >