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
- bp London press office: +44 7831 095541, email@example.com
- bp Oman press office: +968 7927 0628 (Arabic); +968 9786 0638 (English)