Royal Dutch Shell has agreed to divest 22.2% stake in the Bongkot field and adjoining acreage offshore Thailand for $750m.
Under the deal, Royal Dutch Shell affiliates Shell Integrated Gas Thailand and Thai Energy Company will sell the stake in Blocks 15, 16 and 17 and Block G12/48 to PTT Exploration & Production Public Company (PTTEP) and PTTEP International, a wholly-owned subsidiary of PTTEP.
Scheduled to be completed in the second quarter of 2018, the transaction is subject to completion conditions as prescribed in the agreement, Shell said.
Upon completion of the deal, PTTEP will have nearly 66.7% stake in the Bongkot field while the remaining 33.3% will be owned by Total. The field is being operated by PTTEP.
The divestment marks a step ahead in reaching the company's aim to sell $3bn worth of non-core assets in order to re-shape and transform into a simpler and focused company.
Separately, Shell Offshore announced it has made large oil discovery at the Whale deep-water well in Gulf of Mexico.
The firm is evaluating the discovery at the well, which encountered more than 1,400 net feet of oil bearing pay . The well is operated by Shell with 60% and co-owned by Chevron with 40% stake.
Shell said that the appraisal drilling is being carried out to further delineate the discovery and define development options.
The well was discovered in the Alaminos Canyon Block 772, adjacent to the Shell-operated Silvertip field and approximately 16km from the Shell-operated Perdido platform.
Seperately, Shell has announced that it has won rights for nine blocks in Mexico deep-water bid round for exploration and production in the Gulf of Mexico.
The company has won four exploration blocks on its own, one with its partner Pemex Exploración y Producción and four with its partner Qatar Petroleum International.