British Petroleum (BP) plans to sell a 20% stake in Block 61 (a gas block in Oman) to PTT Exploration and Production (Thailand’s national energy company) for $2.6b.
Block 61 is BP’s biggest asset in Oman and has a daily production capacity of 1.5 billion cubic feet of gas. To give some context, this output meets about 35% of Oman’s current gas demand.
Once the deal is sealed, BP will continue to operate Block 61 and will remain its biggest shareholder, with 40% ownership. The remaining shares will be divided between OQ (the national petroleum investment company of Oman), PTT Exploration and Production, and Petronas Nasional as 30%, 20%, and 10% respectively.