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BP sells 20% stake in Oman gas development to Thailand's PTTEP

Reuters
·1-min read
FILE PHOTO: Logo of BP is seen at a petrol station in Kloten

(Reuters) - Oil major BP Plc agreed on Monday to sell a 20% stake in Oman's Block 61 to Thailand's PTT Exploration and Production for $2.6 billion.

The London-listed firm said it would continue as an operator of the block, which contains a large tight-gas development in the Middle East, with a 40% interest.

"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," said BP's Chief Executive Bernard Looney.

Block 61 already had two phases of development - Khazzan tight gas project, one of the largest upstream projects in the small Gulf state, and Ghazeer project which began production in October, BP said.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri)