Bp Plc To Sell 20% Participating Interest In Oman's Block 61 - Quick Facts

(RTTNews) - Bp Plc (BP.L, BP_UN.TO, BP) has agreed to sell a 20% participating interest in Oman's Block 61 to PTT Exploration and ??Production Public Company Limited. The agreed total consideration of $2.59 billion comprises $2.45 billion payable on completion and $140 million payable contingent on pre-agreed future conditions.? ?Bp plc will remain operator of the block, holding a 40% interest.?

Block 61 contains the largest tight gas ?development in the Middle East. PTTEP is Thailand's national petroleum exploration and production company.

Bp Plc said the agreement marks another significant step in its divestment programme. The company is targeting divestment proceeds of $25 billion by 2025.