Deal Insight
Shell exits Thailand with Bongkot sale to PTTEP for US$750 million
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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
- Executive summary
- Transaction details
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Upstream assets
- Bongkot area and Block G12/48
- Deal analysis
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Upsides and risks
- License extension (Post-2023)
- Decommissioning
- Reserves
- Exploration
- Operatorship
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Strategic rationale
- Shell
- PTTEP
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Deal analysis: Table 1Deal analysis: Table 2
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Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Upstream assets: Table 1
What's included
This report contains:
