Deal Insight
BP sells 20% in Khazzan to PTTEP for US$2.45 billion
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
BP has agreed to sell a 20% stake in its Block 61 licence in central Oman, containing the giant Khazzan tight gas development. PTTEP, Thailand's national oil company, will buy the stake for up to US$2.59 billion (subject to contingent payments) with a minimum cash payment of US$2.45 billion. BP will retain a 40% stake, and remain as the operator of the project. PTTEP was well placed to make a deal of this nature in the current environment, and it will strengthen its Middle East portfolio through access to a resilient, low carbon, cash generative asset. BP will retain a large 40% stake in the project and the transaction will make a significant contribution to its debt reduction targets.
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Block 61
- Khazzan
- Deal analysis
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Upsides and risks
- Upsides
- Risks
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Strategic rationale
- BP
- PTTEP
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Map
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
What's included
This report contains:
