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From Oman to Thailand, BP sells gas stake for $2.6bMENA

From Oman to Thailand, BP sells gas stake for $2.6b

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.

why it matters
As PTTEP is currently expanding in the MENA region, this purchase helps them move in that direction. Moreover, the sale of Block 61 reaffirms BP's commitment to divest $25b worth of assets by 2025 and become more "green" over the next decade.