Shell is to sell its stake in Thailand’s Bongkot gas field to the country’s state-owned PTT Exploration and Production for $750million.
The deal, which is set to close in the second quarter, will see PTTEP hold 66.7% in the field, with the remaining stake held by Total.
The sale was announced a year ago as part of Shell’s debt-reduction programme, which includes divestment of assets worth around $30billion.
Somporn Vongvuthipornchai, chief executive officer of PTTEP, said: “The acquisition fits to our growth strategy of adding producing assets or those in the final stage of development located in South East Asia where we have experience, and which immediately contributes sales volume, petroleum reserves, and cash flow.”
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