BP Sells Oman Gas Stake to Thailand’s PTTEP for $2.6 Billion - Bloomberg
BP Plc will sell a stake in an Omani gas block to Thailand’s national energy firm for $2.6 billion, part of a push to divest billions of dollars of assets and focus more on renewable energy.
PTT Exploration and Production Public Co. Ltd. has agreed to pay the sum for 20% of Block 61, according to statements from both companies on Monday.
The sale should help BP deliver on its goal of selling $25 billion of assets by 2025 to ease its debt burden. Like other oil majors, BP must contend with demand for crude gutted by the coronavirus and heightened concerns about the role fossil fuels play in climate change.
In September, BP cut its dividend for the first time in a decade, and its share price plunged to a 25-year low after Chief Executive Officer Bernard Looney announced a shift toward greener energy.
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