PTTEP increases investment in gas fields

Anglo-Dutch energy giant Shell Chief Executive Officer Ben van Beurden speaks during Shell's Capital Markets Day media presentation in London

Anglo-Dutch energy giant Shell Chief Executive Officer Ben van Beurden speaks during Shell's Capital Markets Day media presentation in London

Shell announced in a statement today that it had agreed to sell its 22.22 percent stake in the Bongkot field and adjoining acreage offshore Thailand to PTT Exploration & Production Public Company Limited, for a transaction value of $750 million.

The deal with PTTEP comes after Shell in October canceled a $900M agreement to sell the same gas field stakes to a Kuwait entity.

"The acquisition fits to our growth strategy of adding producing assets or those in the final stage of development located in Southeast Asia where we have experience, and which immediately contributes sales volume, petroleum reserves and cash flow", said Somporn Vongvuthipornchai, chief executive officer of PTTEP.

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