US energy company Pogo Producing Co said it had agreed to sell its Thailand oil and gas assets for $820 million in cash to Thailand's PTTEP Offshore Investment Co Ltd and Japan's Mitsui Oil Exploration Co Ltd.

The sale is is expected to close in the third-quarter of 2005.
Pogo’s Thai assets had drawn interest from nearly 20 companies. Pogo had shortlisted the bidders earlier this month, including India's ONGC and a Chinese consortium.
“An important strategic goal of 2005, entering into an agreement to sell our Thailand assets if the right price was offered, has been achieved,” said Paul Van Wagenen, chief executive officer of Pogo.
Thailand’s state-run PTT Exploration and Production PCL, 65 per cent owned by top Thai energy firm PTT, said in May it had joined the bidding for the Pogo assets.
An Energy Ministry official said PTTEP would pay about $500 million for around 60 per cent of the Pogo assets being sold off.