The Hague-based LNG giant Shell said on Wednesday that it will sell its stake in the Bongkot gas field and adjoining acreage offshore Thailand to PTT Exploration & Production (PTTEP) for $750 million before tax.
The transaction is expected to complete in the second quarter of 2018, Shell said in its statement.
“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,” it said.
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.