Global law firm Norton Rose Fulbright has advised bp on its US$2.6 billion sale of 20% stake in Oman’s Block 61 to PTTEP MENA Limited, a subsidiary of Thailand’s PTT Exploration and Production Public Company Limited.
Block 61 is one of the largest gas developments in the Middle East. It is a producing onshore gas field with enormous resources and significant importance to Oman’s natural gas market. Block 61 has the capacity to deliver approximately 35% of total gas output in Oman.
Following the acquisition, bp will hold 40% of participating interest. Other partners OQ, Oman’s national oil company; PTTEP MENA Limited; and PC Oman Ventures Limited, a subsidiary of PETRONAS, will hold 30%, 20% and 10% participating interests, respectively.
Hussain Kubba, Norton Rose Fulbright's London-based energy M&A partner who led the deal, commented:
“We are delighted to have advised bp on the sale of a participating interest in a world-class development in Oman”.
The Norton Rose Fulbright team also included London partners Matthew Hodkin (tax), Holly Stebbing (disputes), Katie McDougall (sanctions) and Andrew Reeves (ABC and compliance), Singapore partner Katie Chung (disputes) and Hong Kong partner Emma de Ronde (corporate M&A) and Bangkok partner Tassanai Kiratisountorn (corporate M&A). Further assistance was provided by senior associates Matthew Eccles and Andrew Davies (London) and associates Jarrett Whitehead, Daniel Alexander, Daniel Wells, Claudia Culley (London), Guy Perkins (Hong Kong), Natpakal Rerknithi and Thanthiti Seneewong Na Ayudthaya (Bangkok).