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BP agreed to sell a 20% interest in Oman’s Block 61 to Thailand´s PTTEP for $2.6 billion

BP has had an upstream presence in Oman since 2007 when the original production sharing agreement (PSA) for Block 61 was signed.

BP agreed to sell a 20% interest in Oman’s Block 61 to Thailand´s PTTEP for $2.6 billion

Muscat, February 2 - Neftegaz.RU. British BP has agreed to sell a 20% participating interest in Oman’s Block 61 to Thai PTT Exploration and ‎‎Production Public company (PTTEP) for $2.6 billion. ‎
The price comprises $2.45 billion payable on completion ‎‎and $140 million payable contingent on pre-agreed future conditions.‎
The deal is expected to complete during 2021.

BP CEO Bernard Looney said:
  • We are pleased to welcome PTTEP to the ‎successful Block 61 partnership
  • Block 61 is a pioneering development that has applied ‎leading techniques and technologies to maximise efficiency and minimise emissions
  • We are committed to bp’s business in Oman - this agreement allows us to remain at the ‎heart of this world-class development while also making important progress in our global ‎divestment programme
Phongsthorn Thavisin, CEO of PTTEP said:
  • Since 2019, PTTEP has invested in key assets in Oman including PDO (Block 6), the largest onshore oil field in Oman, and Oman LNG, the only LNG gas liquefaction complex in the country
  • The investment is aligned with PTTEP’s direction of growth, focusing on highly prolific areas, and supports our strategy towards gas value chain investments as gas produced from the block will boost availability of gas supply for Oman LNG
  • This successful acquisition will further strengthen PTTEP’s foothold in Oman in the long run and pave the way for future investments in the Middle East
Block 61 is BP’s biggest asset in Oman, as a result of the transaction BP's interest will fall to 40% from 60%.
Other stakeholders are Omani national oil company OQ (30%) and Malaysia's Petronas (10%).

Located in central Oman, the gas field spans around 3 950 sq. km and produces 1.5 billion cubic feet of gas per day.
The output capacity is equivalent to about 35% of Oman's total production and there are plans to boost gas production from the field.

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