Feb 1, 2021

BP sells $2.6bn stake in Oman gas block to Thailand’s PTT

BP has agreed to sell a 20 per cent stake in an Oman gas block for $2.6bn to Thailand's national oil company PTT as part of the UK energy major's $25bn divestment programme. Which is expected to complete this year, BP will remain the operator of the block and hold a 40 per cent stake. The company has had an exploration and production presence in Oman since 2007 when it signed the original production-sharing agreement for Block 61. At the end of the third quarter, BP's debt stood at $40.4bn. Block 61 covers close to 4,000km in central Oman and contains the largest tight gas development in the Middle East. BP is also part of a production sharing agreement for another development, Block 77, and its trading business also buys liquefied natural gas from Oman LNG under a seven-year deal starting in 2018.

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