Page 44 - Oil&Gas-AustralAsia-2015-Issue-4
P. 44
T HAILAND
BG’s Bongkot share sale ByMarieRYAN
Analysts have suggested a share in State Thai oil company PTT Explo- Shell still owns a $2.5 billion stake
Thailand’s huge Bongkot offshore ration and Production own a 44.4 in Australian oil and gas producer
gas field is now up for sale as a result percent stake in the field, while Woodside Petroleum and bankers
of the recent acquisition of the BG France’s Total holds the remaining widely expect it to trim that posi-
Group by Royal Dutch Shell. 33.3 per cent stake. tion, as the Anglo-Dutch company
Reuters reported the move rep- BG has been exiting some of its focuses on areas such as deepwater
resents the first major asset sale Asian assets and last year sold its drilling off places such as Brazil.
planned by BG since Shell agreed to Australian gas pipeline business BG has hired Morgan Stanley to run
buy the British company in April, for $5 billion. Some bankers said the Bongkot sale process and wants
as the sale process required a green its decision to sell the Thai gas to close the deal by the end of this
light from Shell. field points to Shell’s desire to stay year, another person familiar with
The BG Group‘s 22.2 per cent stake focussed on its core assets. the matter said.
in the Bongkot offshore gas field is “The BG sale would indicate that Global energy majors have been
valued at around $1.2 billion and eventually Shell doesn’t want to forced to cut costs, slash project
supplies around a fifth of Thailand’s take on Thailand exposure, despite spending, and sell assets to reassure
domestic gas demand. Bongkot being a significant oper- investors they can withstand an
PTTEP’s Chief Financial Officer ating field,” one senior oil and gas extended period of lower oil prices.
Penchan Charikasem told Reuters banker said. In July, Shell announced plans to
the company would be interested in Thailand accounted for about 6 per axe 6,500 jobs this year and raise
buying BG’s stake if it is put on the cent of BG’s global gas production $50 billion from asset sales between
block. in 2014. Shell doesn’t operate any 2014 to 2018, after second-quarter
“We are particularly keen on assets gas fields in the Southeast Asian profit fell 37 per cent.§
close to home and in Southeast nation.
Asia,” she said.
Bechtel awarded pipeline
contracts
By Marie RYAN
Bechtel has announced its selec- President of Bechtel’s Oil, Gas and in the country, building on Bechtel’s
tion by Gulf MP Company Ltd of Chemicals business unit in Houston extensive global expertise.”
Thailand to manage construction Jack Futcher said the company is The contract was awarded as part
of pipelines that will feed gas into looking forward to its continued of Thailand’s Small Power Producer
a network of planned new power contribution to Thailand’s economy program in an effort to diversify the
generation facilities. through employment of Thai col- country’s energy mix and to support
Bechtel will manage engineering, leagues and further development of industrial energy needs.§
procurement and construction for the country’s energy infrastructure.
12 new gas pipelines with receiving “Our teams will work with Gulf
stations. MP Company to deliver pipelines
needed to increase energy reliability
A A38 OIL & GAS ustral SIA SEPTEMBER/OCTOBER 2015 www.oilandgasaustralasia.com
BG’s Bongkot share sale ByMarieRYAN
Analysts have suggested a share in State Thai oil company PTT Explo- Shell still owns a $2.5 billion stake
Thailand’s huge Bongkot offshore ration and Production own a 44.4 in Australian oil and gas producer
gas field is now up for sale as a result percent stake in the field, while Woodside Petroleum and bankers
of the recent acquisition of the BG France’s Total holds the remaining widely expect it to trim that posi-
Group by Royal Dutch Shell. 33.3 per cent stake. tion, as the Anglo-Dutch company
Reuters reported the move rep- BG has been exiting some of its focuses on areas such as deepwater
resents the first major asset sale Asian assets and last year sold its drilling off places such as Brazil.
planned by BG since Shell agreed to Australian gas pipeline business BG has hired Morgan Stanley to run
buy the British company in April, for $5 billion. Some bankers said the Bongkot sale process and wants
as the sale process required a green its decision to sell the Thai gas to close the deal by the end of this
light from Shell. field points to Shell’s desire to stay year, another person familiar with
The BG Group‘s 22.2 per cent stake focussed on its core assets. the matter said.
in the Bongkot offshore gas field is “The BG sale would indicate that Global energy majors have been
valued at around $1.2 billion and eventually Shell doesn’t want to forced to cut costs, slash project
supplies around a fifth of Thailand’s take on Thailand exposure, despite spending, and sell assets to reassure
domestic gas demand. Bongkot being a significant oper- investors they can withstand an
PTTEP’s Chief Financial Officer ating field,” one senior oil and gas extended period of lower oil prices.
Penchan Charikasem told Reuters banker said. In July, Shell announced plans to
the company would be interested in Thailand accounted for about 6 per axe 6,500 jobs this year and raise
buying BG’s stake if it is put on the cent of BG’s global gas production $50 billion from asset sales between
block. in 2014. Shell doesn’t operate any 2014 to 2018, after second-quarter
“We are particularly keen on assets gas fields in the Southeast Asian profit fell 37 per cent.§
close to home and in Southeast nation.
Asia,” she said.
Bechtel awarded pipeline
contracts
By Marie RYAN
Bechtel has announced its selec- President of Bechtel’s Oil, Gas and in the country, building on Bechtel’s
tion by Gulf MP Company Ltd of Chemicals business unit in Houston extensive global expertise.”
Thailand to manage construction Jack Futcher said the company is The contract was awarded as part
of pipelines that will feed gas into looking forward to its continued of Thailand’s Small Power Producer
a network of planned new power contribution to Thailand’s economy program in an effort to diversify the
generation facilities. through employment of Thai col- country’s energy mix and to support
Bechtel will manage engineering, leagues and further development of industrial energy needs.§
procurement and construction for the country’s energy infrastructure.
12 new gas pipelines with receiving “Our teams will work with Gulf
stations. MP Company to deliver pipelines
needed to increase energy reliability
A A38 OIL & GAS ustral SIA SEPTEMBER/OCTOBER 2015 www.oilandgasaustralasia.com
