BP sells $2.6bn stake in Oman gas block to Thailand’s PTT

BP has agreed to sell a 20 per cent stake in an Oman gas block for $2.6bn to Thailand’s national oil company PTT as part of the UK energy major’s $25bn divestment programme. 

After the sale, which is expected to complete this year, BP will remain the operator of the block and hold a 40 per cent stake. Oman’s state oil company OQ and Malaysia’s Petronas are other shareholders. 

The company has had an exploration and production presence in Oman since 2007 when it signed the original production-sharing agreement for Block 61.

BP is targeting divestments of $25bn by 2025 as it streamlines its operations, raises cash and cuts production by 40 per cent under chief executive Bernard Looney. 

The company wants to generate funds to deploy into cleaner energy investments as part of a goal to become a net-zero emissions company by 2050.

BP will release its…