Shell Sells Gas Blocks By The Seashore

In a move to simply its portfolio following the 2016 acquisition of BG Group, Shell has reached an agreement with KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company, for the sale of subsidiary companies Shell Integrated Gas Thailand Pte Limited and Thai Energy Co Limited, which together hold a 22% equity stake held in the Bongkot field, and adjoining acreage offshore Thailand consisting of Blocks 15, 16, and 17 and block G12/48, for US$900 million.

According to Shell, “This transaction shows the clear momentum behind Shell’s global, value-driven US$30 billion divestment program, and is consistent with the company’s strategy to high-grade and simplify its portfolio following the acquisition of BG.”

This transaction is expected to be completed in first-quarter 2017 and has no impact on Shell’s other business interests in Thailand, the company said.