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Shell exits Thailand with Bongkot sale to PTTEP for US$750 million

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09 February 2018

Shell exits Thailand with Bongkot sale to PTTEP for US$750 million

Report summary

PTTEP is buying Shell's non-operated interests in the Bongkot gas project for a total cash consideration before tax of US$750 million (effective date is 1 January 2018). PTTEP currently operates Bongkot with a 44.45% interest. This deal comes after Shell and KUFPEC cancelled a US$900 million (effective date is 1 January 2016) deal in October 2017 for the same concession. Bongkot was Shell's only producing upstream asset in Thailand, and an obvious target in the Major's US$30 billion disposal programme. Shell inherited the position through the acquisition of BG, which had itself been looking to exit (pre-takeover). With this deal, Shell has completed or announced close to US$27 billion of divestments. The acquisition is in-line with PTTEP's strategy to expand its presence in South-Eastern Asia.

Table of contents

Tables and charts

This report includes 6 images and tables including:

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

What's included

This report contains:

  • Document

    Shell exits Thailand with Bongkot sale to PTTEP for US$750 million

    PDF 287.64 KB

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