|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Thu, 30th Jul 2020 13:30:00 |
|
CNPC In Talks To Buy $1.5-Billion Stake In BP’s Oman Gas Field |
Chinese state-held giant China National Petroleum Corporation (CNPC) is in advanced talks to buy a 10-percent stake in a giant natural gas field in Oman from BP in a deal that could be worth US$1.5 billion, Bloomberg reported on Thursday, citing people with knowledge of the discussions.
BP, which has had an upstream presence in Oman since 2007, holds 60 percent in the Khazzan natural gas field, one of the Middle East’s most abundant unconventional gas resources, according to the UK-based supermajor.
Production at the field began in 2017, with phase one made up of 200 wells feeding into a two-train central processing facility, with production reaching 1 billion cubic feet of gas per day (bcf/d). In April 2018, BP said it would invest in the development of the second phase of the Khazzan field, Ghazeer, which is expected to be fully up and running in 2021, with production from the entire Khazzan development rising to 1.5 bcf/d.
Last month, Bloomberg reported, quoting sources familiar with the matter, that BP was in early talks to sell 10 percent in the Khazzan natural gas field in order to cut its debt that has been growing since the oil price crash earlier this year.
Read original full article
|
| |
|
|
Back to Featured Articles
|
|
|
|
|
|
|
|
|
|
|
|
Energy News
|
|
| |
| |
