Shell announced that its affiliates Shell Integrated Gas Thailand and Thai Energy Company have completed the sale of their 22.2222% interest in the Bongkot fields and adjoining acreage offshore Thailand to PTT Exploration & Production Public Company Limited (PTTEP) and PTTEP International Limited, a wholly-owned subsidiary of PTTEP, for a transaction value of $750 million. This sale, which consists of Shell’s stake in Blocks 15, 16, 17 and Block G12/48, was announced in the first quarter of this year. Bongkot is located in 80 m of water offshore Thailand and is the largest gas field in the Gulf of Thailand. PTTEP, Thailand’s state-owned oil company, has been the operator of Bongkot for over 20 years and, with completion of this transaction, increased its stake in the field to 66.6667%. The remaining 33.3333% belongs to Total.
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