Royal Dutch Shell announced today (4 October) that its subsidiary, BG Asia Pacific Holdings Pte Ltd., and KUFPEC Thailand Holdings Pte Ltd., a subsidiary of Kuwait Foreign Petroleum Exploration Co. (KUFPEC), have mutually agreed to cancel the sale and purchase agreement for the share sale of Shell Integrated Gas Thailand (SIGT) and Thai Energy Co. (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 said in a 4 October press statement.
The company said its divestment program continues to make good progress at both raising cash and re-shaping the company. To date, Shell has more than US$25 billion in completed, announced or in progress divestments, on track to meet its target of $30 billion of divestments between 2016 and 2018.