Kuwait to Buy Shell’s Bongkot Stake in Thailand

Kuwait to Buy Shell’s Bongkot Stake in Thailand
Exchange Market

Royal Dutch Shell has said it will sell its stake in Thailand’s Bongkot gas field to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for $900m, Arabian Business reported.

The transaction will include Shell’s 22.2% equity stake in the Bongkot field and adjoining acreage off the coast of Thailand consisting of Blocs 15, 16 and 17, and Bloc G12/48.

The company added that the transaction is a part of Shell’s global $30b divestment program and is consistent with the company’s strategy to high-grade and simplify its portfolio following the acquisition of BG, Offshore Energy Today informed.

This transaction is expected to be completed in the first quarter of 2017 and will have no impact on Shell’s other business interests in Thailand.

KUFPEC said in a separate statement that the acquisition would provide it with 68mboe in proved and probable reserves and approximately 39,000boe/d.

PTT Exploration and Production PCL operates the offshore Bongkot field with a 44.445% equity, while Total has a 33.333% stake.

Mariana Somensi 890 Posts

Mariana holds a Journalism Bachelor Degree from the State University of Londrina, Brazil. The Brazilian journalist has 4 years of experience on the MENA region's affairs and over a year of experience on the oil and gas industry.


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