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PTTEP buys Royal Dutch/Shell's Thai upstream assets

By an OGJ Correspondent
BANGKOK, Dec. 30 -- Thai state-controlled PTT Exploration & Production PLC (PTTEP) bought Royal Dutch/Shell Group's entire upstream petroleum assets in Thailand for $205 million, ending Shell's nearly 25-year presence in the country.

The transaction includes Thai Shell's 75% stake in the onshore S1 oil producing block, its 100% interest in the offshore concession B6/27, and its 65% share in onshore tract L22/43 which was licensed in May 2003.

The transaction is expected to close in January.

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