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About: http://data.cimple.eu/news-article/c40ce8e5d3192f1a56f5d2f5dc6b8ff6e586016c6a43f91d96d9d417 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	British energy giant BP on Monday said it had sold a 20-percent stake in Oman's block 61 gas field to Thailand's state-controlled PTTEP for $2.6 billion. BP, which like its peers has been hit hard as coronavirus lockdowns slash energy demand, will retain a 40-percent stake and continue to operate the block, it added in a statement. "We are committed to BP's business in Oman," said BP chief executive Bernard Looney. "This agreement allows us to remain at the heart of this world-class development while also making important progress in our global divestment programme." Under Looney, who took over the reins at BP a year ago as the pandemic began taking hold worldwide, the group is looking to raise $25 billion from asset sales by 2025. Its previous divestment was last year's sale of BP's petrochemical business to privately-owned rival Ineos for $5.0 billion. Block 61, which covers around 3,950 square kilometres in central Oman, contains the largest tight gas development in the Middle East, Monday's statement added. Tight gas refers to natural gas trapped in rock. In a separate statement, PTTEP said its entry into one of the largest gas developments in the Middle East "will immediately add to the company's petroleum reserves and sales volumes... and open up further investment opportunities" in the region. "Block 61 is a producing onshore gas field with enormous resources and significant importance to Oman's natural gas market," it said, adding that it has the capacity to deliver about 35 percent of total gas output in the Gulf sultanate. The announcement comes ahead of BP's 2020 results on Tuesday. The group made a second-quarter net loss $16.85 billion, followed by a much slimmer $450 million loss after tax in the third. BP is meanwhile axing 10,000 jobs, or 15 percent of its global workforce, after the pandemic caused huge asset writedowns. After companies worldwide closed their doors and airlines grounded planes at the height of the Covid-19 outbreak towards the end of last year's first quarter, oil prices dropped off a cliff, even briefly turning negative. Prices then rebounded sharply and are currently trading above $50 per barrel. bcp/rfj/wai
schema:headline	BP part sells Oman gas field to Thai group for $2.6bn
schema:mentions	Oil reserves PTT Public Company Limited Petrochemical World energy consumption Natural gas Barrel BP Oman 2019–20 coronavirus outbreak Middle East Rock music Thailand Pandemic Severe acute respiratory syndrome coronavirus 2 Tight gas British Energy Bernard Looney Divestment Ineos
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-02-01 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	69 (xsd:integer)

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