BP discusses sale of $1bn-plus stake in giant Oman gas project - Arabianbusiness

BP discusses sale of $1bn-plus stake in giant Oman gas project - Arabianbusiness:

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.

London-based BP is talking with interested parties about cutting part of its 60% holding in the Khazzan natural gas field, the people said, asking not to be identified as the matter is private. The 10% stake is likely to fetch more than $1 billion and is drawing interest from other large energy companies, they said.

A stake sale would help BP deliver on its goal to achieve $15 billion in divestments by mid-2021 - crucial for easing its debt burden. The company has bolstered its financial reserves as the double impact of the coronavirus pandemic and a crash in oil prices hit profits in the first quarter. In April, BP confirmed its commitment to completing the sale of its Alaska business to Hilcorp Energy Co. on revised terms.