Pogo Producing Company, a producer of oil and natural gas, is selling its Thailand assets to Thailand's PTTEP offshore investment firm and Mitsui Oil Exploration for $820m in cash.
As part of the agreement PTTEP is reported to retain a 59.94% stake in the Pogo group in Thailand, while Mitsui Oil will hold the rest.
Paul Van Wagenen, CEO of Pogo, said: The proceeds from the Thailand sale will be used to fund capital projects and will enable us to vigorously pursue market opportunities, including acquisitions.
This latest transaction, which is expected to close in the third quarter of 2005, follows the company’s sale of its Hungary assets for $9 million.