BP PLC said on Monday that it will sell a 20% participating interest in Oman’s Block 61 to Thailand’s PTT Exploration and Production Public Co. for $2.6 billion.
The U.K. energy company said the deal is expected to complete this year, and that following completion it will remain operator of the block, holding a 40% interest.
BP said it was targeting divestment proceeds of $25 billion by 2025.
”We are committed to BP’s business in Oman – this agreement allows us to remain at the heart of this world-class development while also making important progress in our global divestment program,” Chief Executive Bernard Looney said.