Slaughter and May advised PTTEP and PTTEPI in relation to a stake in the Bongkot Project from Shell Integrated Gas Thailand Pte Limited and Thai Energy Company Limited (both Shell subsidiaries)
Slaughter and May advised PTT Exploration and Production Public Company Limited (PTTEP) and PTTEPI International Limited (PTTEPI) in relation to the conditional acquisition of a 22.2222 per cent. stake in the Bongkot Project from Shell Integrated Gas Thailand Pte Limited and Thai Energy Company Limited (both Shell subsidiaries). The transaction value, before tax, is approximately USD750 million. The Bongkot Project, consisting of Blocks B15, B16, B17 and G12/48, is a natural gas field in the Gulf of Thailand operated by PTTEP. The Bongkot Project is a vital source of energy supply for electricity generation, accounting for approximately 30 per cent. of Thai domestic natural gas output.
Upon completion of the proposed transaction PTTEP and PTTEPI will hold an aggregate interest of 66.6667 per cent. in the Bongkot Project with the remaining stake owned by Total (33.3333 per cent.), a major French oil and gas company.