Shell today confirmed a U-turn on the planned sale of its Shell Integrated Gas Thailand Pte. Limited (SIGT).
It comes as the firm revealed it had hit $25billion worth of investments. The oil major is targeting $30billion worth of investments by the end of 2018.
A spokesperson said: “Royal Dutch Shell announces today that its subsidiary, BG Asia Pacific Holdings Pte Limited, and KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), have mutually agreed to cancel the Sale & Purchase Agreement for the share sale of Shell Integrated Gas Thailand Pte. Limited (SIGT) and Thai Energy Co Limited (TEC).
“SIGT and TEC together hold a 22.222% equity stake 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’s divestments include a slice of its UK North Sea business.
Last month Shell’s chief executive exclusively revealed to Energy Voice that the oil downturn had been the “biggest blessing”. Read more here.