BP to sell 20% stake in Oman‎’‎s Block

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bp to sell 20% stake in Oman‎’‎s Block 61 to PTTEP

  • bp agrees to sell interest to PTT Exploration and Production Public Company Limited for $2.6 ‎billion
  • bp will remain operator of Block 61, with 40% interest
  • Agreement marks another significant step in bp’s divestment programme

bp has agreed to sell a 20% participating interest in Oman’s Block 61 to PTT Exploration and ‎‎Production Public Company Limited (PTTEP) of Thailand for a total consideration of $2.6 billion. ‎Following completion of ‎the sale, bp will remain operator of the block, holding a 40% interest.‎


‎Subject to approval from the Sultanate of Oman and partners, the deal is expected to complete during ‎‎2021. The agreed total consideration of $2.590 billion comprises $2.450 billion payable on completion ‎‎(subject to final adjustments) and $140 million payable contingent on pre-agreed future conditions.‎


Following completion, participating interests in Block 61 will be: bp, 40%; OQ, 30%; PTTEP, ‎‎20%; and ‎PETRONAS, 10%.‎


PTTEP is Thailand’s national petroleum exploration and production company, with interests in ‎‎15 ‎countries, including Oman.

We’re selling a 20% interest in Oman’s Block 61 to PTTEP. We remain completely committed to Oman and will continue as operators with a 40% interest – allowing us to stay at the heart of this world-class gas development, while also making important strategic progress in our global divestment programme

Read more @ bp.com/en/global/corporate/news-and-insights/press-releases

Contact

  • bp Oman press office: +968 7927 0628 (Arabic); +968 9786 0638 (English)‎