THE HAGUE, the Netherlands– Shell and KUFPEC have agreed to cancel a sale and purchase agreement for the share sale of Shell Integrated Gas Thailand (SIGT) and Thai Energy Co. Ltd. (TEC).
SIGT and TEC hold a combined 22.222% interest in theBongkot field in the Gulf of Thailand and adjoining acreage offshore Thailand comprising blocks 15, 16 and 17 and block G12/48.
The other partners are operator PTT Exploration & Production (PTTEP), with 44.445%, and Total with 33.333%.
SIGT and TEC will continue to support PTTEP in further development of the field, and SIGT also intends to participate in an upcoming licensing round for the extension of the Bongkot concession.
Shell Group’s divestment program continues despite this news, with the company on target to sell $30 billion of assets between 2016 and 2018.