bp to sell 20% stake in Oman‎’‎s Block 61 to PTTEP

bp to sell 20% stake in Oman‎’‎s Block 61 to PTTEP

bp has agreed to sell a 20% participating interest in Oman’s Block 61 to PTT Exploration and ‎‎Production Public Company Limited (PTTEP) of Thailand for a total consideration of $2.6 billion. ‎Following completion of ‎the sale, bp will remain operator of the block, holding a 40% interest.‎

‎Subject to approval from the Sultanate of Oman and partners, the deal is expected to complete during ‎‎2021.


The agreed total consideration of $2.590 billion comprises $2.450 billion payable on completion ‎‎(subject to final adjustments) and $140 million payable contingent on pre-agreed future conditions.‎


Following completion, participating interests in Block 61 will be: bp, 40%; OQ, 30%; PTTEP, ‎‎20%; and ‎PETRONAS, 10%.‎


PTTEP is Thailand’s national petroleum exploration and production company, with interests in ‎‎15 ‎countries, including Oman.

Block 61, covering around 3,950km2 in central Oman, contains the largest tight gas ‎development in the Middle East. The block has already had two phases of development – ‎Khazzan, which began production in 2017, followed by Ghazeer in October 2020.


These two developments, targeted at developing a total of 10.5 trillion cubic feet of gas ‎resources, have a combined daily production capacity of 1.5 billion cubic feet of gas and more ‎than 65,000 barrels of condensate. Gas from Block 61 is exported for domestic consumption ‎into Oman’s national gas grid, while also boosting availability of feedstock supply for Oman ‎LNG.‎

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