Shell raises further $750m with sale of Thai gas field

Shell would not comment on the drop in value of the Thai field

Petroceltic

Angela Jameson31 January 2018

Oil giant Shell came a step closer to hitting its huge $30 billion (£21 billion) sell-off target today, agreeing a cut-price $750 million deal in Thailand.

The company’s huge disposal programme is coming on apace, with the sale of its 22.2% stake in the Bongkot gas field off the coast of Thailand to PTT Exploration & Production. PTTEP now owns the field with France’s Total.

The asset disposals are needed to help Shell reduce the debt it racked up as part of buying BG Group for $70 billion, back in 2015.

However, the same Thai gas field was going to be sold for $900 million to the Kuwait state oil company last October but the sale was cancelled because the negotiations could not be concluded in time.

Shell would not comment on the apparent drop in value of the field.

Shell is expected to reveal a surge in its profits tomorrow after a bounce back in the price of oil.