RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-02-01 11:55:00

BP SELLS IN OMAN $2.6 BLN

BP SELLS IN OMAN $2.6 BLN

BP - 1 February 2021 - 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.‎

bp chief executive officer Bernard Looney said: “We are pleased to welcome PTTEP to the ‎successful Block 61 partnership. Block 61 is a pioneering development that has applied ‎leading techniques and technologies to maximise efficiency and minimise emissions.

‎“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 programme.”‎

bp is targeting divestment proceeds of $25 billion by 2025. Most recently, the $5 billion sale of ‎bp’s petrochemicals business to INEOS completed at the end of 2020.‎

bp has had an upstream presence in Oman since 2007 when the original production sharing ‎agreement (PSA) for Block 61 was signed. Beyond Block 61, bp and Eni signed a PSA for ‎Block 77 in 2019. bp Trading & Shipping also purchases LNG from Oman LNG under a seven-‎year deal that started in 2018.‎

bp Oman vice president Yousuf Al Ojaili commented: “We look forward to working closely ‎with PTTEP, our other partners, and the Government of Oman on the continued success of ‎Khazzan and Ghazeer, and to explore further opportunities in Block 61.

‎“We remain very much committed to our strategic partnership with Oman. We will continue ‎to support critical national energy infrastructure for the Sultanate through Block 61, invest ‎significantly in local companies and Omani talent, and deliver an ambitious social investment ‎programme.”‎

In 2020, Omanisation in bp Oman reached around 85% and Block 61 spend with Omani-‎registered companies exceeded $610 million.

-----


Earlier:

BP SELLS IN OMAN $2.6 BLN
2021, January, 6, 13:40:00
SOUTHERN GAS CORRIDOR DELIVERIES
bp and its partners have started commercial gas deliveries to southeast Europe from the Shah Deniz gas field in the Caspian Sea via the new Southern Gas Corridor (SGC) pipeline system.
BP SELLS IN OMAN $2.6 BLN
2020, December, 22, 13:40:00
SOUTHERN GAS CORRIDOR EXTENDING
The $40 billion Southern Gas Corridor comprises the 16 Bcm/year BP-operated Shah Deniz 2 field offshore Azerbaijan, the expanded South Caucasus Pipeline via Georgia, the TANAP pipeline in Turkey and the 10 Bcm/year TAP link to Italy.
BP SELLS IN OMAN $2.6 BLN
2020, December, 21, 12:40:00
BP, RELIANCE GAS FOR INDIA
Reliance Industries Limited (RIL) and BP announced the start of production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India.
All Publications »
Tags: BP, OMAN, PTTEP
Chronicle:
BP SELLS IN OMAN $2.6 BLN
2023, February, 3, 11:29:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
BP SELLS IN OMAN $2.6 BLN
2023, February, 3, 11:28:00
TRANSPORTATION OIL AND GAS CONGRESS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
BP SELLS IN OMAN $2.6 BLN
2023, February, 3, 11:25:00
ЦЕНА URALS: $49.48
Средняя цена на нефть марки Urals в январе 2023 года сложилась в размере $49,48 за баррель, что в 1,7 раз ниже, чем в январе 2022 года ($85,64 за баррель).
BP SELLS IN OMAN $2.6 BLN
2023, February, 3, 11:20:00
RUSSIAN GAS TO EUROPE DOWN AGAIN
Total Russian pipeline exports to Europe in January via the two remaining major supply routes were 36% down on deliveries in December and 79% lower year on year.
BP SELLS IN OMAN $2.6 BLN
2023, February, 3, 11:15:00
BP: THE TRANSITION TO A LOW-CARBON WORLD
The transition to a low-carbon world requires a range of other energy sources and technologies, including low-carbon hydrogen, modern bioenergy, and carbon capture, use and storage.
BP SELLS IN OMAN $2.6 BLN
2023, February, 3, 11:10:00
GERMAN WIND ENERGY 7 GW
Germany targets 30 GW of offshore wind by 2030. The country had 7.7 GW of offshore wind installed capacity at the end of 2021.
BP SELLS IN OMAN $2.6 BLN
2023, February, 3, 11:05:00
INDIA GREEN TRANSITION $8 BLN
India plans to spend US$4.3bn on energy transition through the Ministry of Petroleum and Gas, including programs for green fuel, green energy, green farming, green mobility, green buildings, and green equipment and policies for efficient use of energy across various economic sectors.
All Publications »