PTT Exploration & Production Public Co. Ltd. (PTTEP) and PTTEP International Ltd. have agreed to acquire the 22.2222% interest in Bongkot natural gas field in the Gulf of Thailand held by affiliates of Royal Dutch Shell PLC for $750 million.
The agreement covers holdings of Shell Integrated Gas Thailand Pte. Ltd. and Thai Energy Co. Ltd. in Blocks 15, 16, and 17 and Block G12/48.
After the transaction, operator PTTEP will hold 66.6667%. Total holds the remainder.
Bongkot field produces 860 MMcfd of natural gas and 26,000 b/d of condensate.
Shell earlier agreed to sell the Bongkot interest to Kuwait Foreign Petroleum Exploration Co. for $900 million, but the deal was cancelled (OGJ Online, Oct. 5, 2017).
