BP to Sell 20% Interest in Oman Block for $2.6 Billion
February 01 2021 - 2:13AM
Dow Jones News
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
2025.
"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
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
February 01, 2021 01:58 ET (06:58 GMT)
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