Oman Oil Company Exploration and Production (OOCEP), a subsidiary of Oman Oil Company (OOC), announced on 21 October that it would farm out a 10% stake in Block 61 to Petronas, pending government approval and “other closing conditions.” Once completed, OOCEP will see its stake shrink from 40% to 30%. Operator BP maintains 60%.
Whilst the counterparties have declined to place a valuation on the deal, Bloomberg reported in May that OOCEP was keen to sell off a quarter of its 40% stake which sources valued at around $1bn. This would put the Petronas buy-in at $250mn and value the entire asset at around $2.5bn. (CONTINUED - 994 WORDS)