Royal Dutch Shell subsidiary BG Asia Pacific Holdings Pte Ltd. and KUFPEC Thailand Holdings Pte Ltd. have mutually agreed to cancel the sale and purchase agreement for the share sale of Shell Integrated Gas Thailand Pte. Ltd. (SIGT) and Thai Energy Co. Ltd. (TEC), Shell said in a news release.
The news was announced Oct. 4 by Shell, which didn’t state in the release why the deal was canceled.
Together, Shell said SIGT and TEC hold a 22.222% equity stake in the Bongkot Field and adjoining acreage offshore Thailand, consisting of blocks 15, 16 and 17 and block G12/48. PTT Exploration & Production and Total are partners in the Bongkot asset, respectively holding 44.445% and 33.333% equity.
Shell said the group’s divestment program “continues to make good progress,” having more than $25 billion in completed, announced or in progress divestments. The company is targeting $30 billion of divestments between 2016 and 2018.
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