Thailand’s state-backed upstream player PTT Exploration & Production (PTTEP) said Monday that its $2.45 billion deal to buy a 20% stake in one of Oman’s strategic gas fields from UK major BP will pave the way for future investments in the Middle East.
BP has agreed to sell a 20% working interest in Oman’s Block 61 to PTTEP, of Thailand, for $2.6 billion.
BP said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions.
Mergers and acquisitions have been slowed by the COVID-19 outbreak. But as companies embrace the energy transition opportunities will arise
BP is in early-stage discussions to sell about a 10% stake in a key gas field in Oman as part of the energy giant’s plans to cut debt, according to people familiar with the matter.
BP said today that it had sanctioned the second phase development of the giant Khazzan gas field in Oman.
Oil major BP said today that its profits more than doubled in the third quarter of 2017, but its chief executive still thinks there is “room for improvement”.
Oil major BP has completed 70% of its work on the Khazzan gas field.
Oil major BP and its partners Oman Oil have agreed to develop a second phase of the Khazzan natural gas field bringing investment in the project to an estimated $16billlion.
BP has awarded a contract worth £80million to Carillon Alawi to help build the operational base and accommodation complex for its Khazzan gas project. The deal includes the construction of facilities as well as a residential complex for 250 personnel and other infrastructure buildings in the region, which is 350km from Muscat.