Thai company sold

December 1, 1998, 00:00 CET

The Statoil Thailand subsidiary is to be sold to the group's partners in the Bongkot gas and condensate field.

These are state-owned PTTEP, Total, and British Gas.

This sale agreement reflects a desire by Statoil to concentrate its international operations in countries which offer higher growth and value creation. The group has been considering opportunities for disposing of its Thai involvement since last year.

The Bongkot partners will be taking over all Statoil Thailand assets, including office premises.

Statoil plans to continue its efforts to dispose of a 45 per cent interest in a licence operated by Unocal in block B 10/32 in the Gulf of Thailand, which is administered by the separate Statoil Siam subsidiary. The group will also be terminating its involvement in exploration licences in the Andaman Sea.