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BP Discusses Sale of More Than $1 Billion Stake in Giant Oman Gas Project

  • Sale of 10% in Khazzan field could fetch more than $1 billion
  • Oil major wants to divest assets and reduce its debt pile
BP Gas Station As Earnings Figures Are Released
Photographer: Stacie Scott/Bloomberg

BP Plc is in early-stage discussions to sell about a 10% stake in a key gas field in Oman as part of the energy giant’s plans to cut debt, according to people familiar with the matter.

London-based BP is talking with interested parties about cutting part of its 60% holding in the Khazzan natural gas field, the people said, asking not to be identified as the matter is private. The 10% stake is likely to fetch more than $1 billion and is drawing interest from other large energy companies, they said.