Oman Oil Company is planning to sell a 10 per cent stake in its Khazzan gas field according to a report from Bloomberg citing people with knowledge of the matter
In September last year, BP and the Ministry of Oil and Gas in Oman began production at the field. BP owns 60 per cent of the field, with Oman Oil holding the rest.
The stake could be worth about US$1bn according to Bloomberg. The report also said that Chinese, Middle Eastern and Indian companies expressed interest in the stake.
Bloomberg said that Oman Oil expects to get bids for the stake by July.
The Khazzan field currently produces 5.5 mmbbl per day. The asset is key to Oman because it helps the country diversify its revenue stream and reduce its dependence on oil sales.
The fall in oil prices from 2014 to 2017 hurt economies in the Middle East which are over dependent on oil prices.
