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Business & Finance

BP part sells Oman gas field to Thai group for $2.6bn

  • BP will retain a 40-percent stake and continue to operate the block, it added in a statement.
Published February 1, 2021
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LONDON: British energy giant BP on Monday said it had sold a 20-percent stake in Oman's block 61 gas field to Thailand's state-controlled PTTEP for $2.6 billion (2.15 billion euros).

BP, which like its peers has been hit hard by coronavirus lockdowns that have slashed energy demand, will retain a 40-percent stake and continue to operate the block, it added in a statement.

"We are committed to BP's business in Oman," said BP chief executive Bernard Looney.

"This agreement allows us to remain at the heart of this world-class development while also making important progress in our global divestment programme."

Under Looney, who took over the reins at BP a year ago as the pandemic began taking hold worldwide, the group is looking to raise $25 billion from asset sales by 2025.

Its previous divestment was last year's sale of BP's petrochemical business to privately-owned rival Ineos for $5.0 billion.

Block 61, covering around 3,950 square kilometres in central Oman, contains the largest tight gas development in the Middle East, Monday's statement added.

Tight gas refers to natural gas trapped in rock.

In a separate statement, PTTEP said its entry into one of the largest gas developments in the Middle East "will immediately add to the company's petroleum reserves and sales volumes... and open up further investment opportunities" in the region.

"Block 61 is a producing onshore gas field with enormous resources and significant importance to Oman's natural gas market," it said, adding that it has the capacity to deliver about 35 percent of total gas output in the Gulf sultanate.

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