BP sells minority shares in Oman’s Block 61 for $2.6 billion

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1 February 2021

MUSCAT (WAF) – BP has agreed to sell third of its %60-stake in Oman’s Block 61 to Thailand-based PTT Exploration and Production Public Company Limited (PTTEP), a press statement by BP said.

The $2.6 billion deal is expected to be sealed in 2021, subject to approval from Oman and the other partners’ government. The agreed amount “comprises $2.450 billion payable on completion (subject to final adjustments) and $140 million payable contingent on pre-agreed future conditions,” BP’s statement added.

In 2018, Oman Oil Company Exploration & Production LLC (OOCEP) – a subsidiary of OQ- sold 10% stake in the block to Malaysia’s PETRONAS for over $1.5 billion.

Following today’s deal, the participation interest in Block 61 will be 40% owned by BP, 30% by OQ, 20% by PTTEP, and 10% by PETRONAS.

Block 61 is one of Oman’s largest gas blocks with a daily production capacity of 1.5 billion cubic feet of gas and more than 65,000 barrels of condensate. The block covers an area of 3,950km2 and has two phases of development, Khazzan and Ghazeer.