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Shell cancels sale of Thai gas field stakes to KUFPEC

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LNG Industry,

Reuters are reporting that Royal Dutch Shell has announced that it has cancelled a US$900 million deal to sell its gas field stakes in Thailand to Kuwait Foreign Petroleum Exploration Company (KUFPEC).

Shell and KUFPEC announced the deal in January, and it was due to be completed in the first quarter of 2017.

The sale was part of efforts by the Anglo-Dutch company to reduce debt after buying smaller rival BG Group for US$70 billion.

The deal had called for Shell to divest its shares in two subsidiaries – Shell Integrated Gas Thailand Pte Ltd (SIGT) and Thai Energy Co Ltd (TEC) – to KUFPEC’s unit in Thailand.

SIGT and TEC together hold a 22.222% equity stake in the Bongkot natural gas field and adjoining acreages offshore Thailand consisting of blocks 15, 16, 17 and G12/48.

PTT Exploration and Production PCL operates the offshore Bongkot field with a 44.445% equity. France’s Total has a 33.333% stake.

Besides continuing to support operations and development at Bongkot, SIGT also intends to participate in the forthcoming licensing round for the extension of the Bongkot concession.

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