Shell Agrees to Sell Stake in Thailand's Bongkot Field to PTTEP

By FeaturesDow Jones Newswires

Royal Dutch Shell PLC (RDSB.LN) said on Wednesday that it has agreed to sell its stake in Thailand's Bongkot Field to Thai state-owned PTT Exploration & Production PCL (PTTEP.TH) for $750 million.

Shell's affiliates in the country, Shell Integrated Gas Thailand Pte Ltd. and Thai Energy Company Ltd., will sell their 22.2% interest in the Bongkot field and adjoining acreage offshore Thailand in a transaction that is expected to complete in the second quarter of 2018, Shell said.

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Following the sale of Shell's interests in the field, PTTEP's stake will increase to 66.7%, with the remaining 33.3% owned by Total SA (FP.FR).

Shell said the sell of its stake in Bongkot was driven by its strategy to sell non-core assets and would take the company closer to its $30 billion divestment target.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

January 31, 2018 03:02 ET (08:02 GMT)

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