The FINANCIAL — Royal Dutch Shell announces on October 4 that its subsidiary, BG Asia Pacific Holdings Pte Limited, and KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), have mutually agreed to cancel the Sale & Purchase Agreement for the share sale of Shell Integrated Gas Thailand Pte. Limited (SIGT) and Thai Energy Co Limited (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, according to Shell.
Shell Group’s divestment programme continues to make good progress at both raising cash and re-shaping the company. To date, the company has more than $25 billion in completed, announced or in progress divestments, on track to meet its target of $30 billion of divestments between 2016 and 2018.