By: ONA
Muscat: BP has agreed to sell a 20 per cent 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 per cent 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 per cent; OQ, 30 per cent; PTTEP, 20 per cent; and PETRONAS, 10 per cent.