BP to Sell 20% Interest in Oman Block for $2.6 Billion
By Anthony O. Goriainoff
BP PLC said on Monday that it will sell a 20% participating
interest in Oman's Block 61 to Thailand's PTT Exploration and
Production Public Co. for $2.6 billion.
The U.K. energy company said the deal is expected to complete
this year, and that following completion it will remain operator of
the block, holding a 40% interest.
BP said it was targeting divestment proceeds of $25 billion by
"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
program," Chief Executive Bernard Looney said.
Write to Anthony O. Goriainoff at
(END) Dow Jones Newswires
February 01, 2021 01:58 ET (06:58 GMT)
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