BP PLC said on Monday that it will sell a 20% participating interest in Oman's Block 61 to Thailand's PTT Exploration and Production Public Co. for $2.6 billion.

The U.K. energy company said the deal is expected to complete this year, and that following completion it will remain operator of the block, holding a 40% interest.

BP said it was targeting divestment proceeds of $25 billion by 2025.

‎"We are committed to BP's business in Oman - this agreement allows us to remain at the ‎heart of this world-class development while also making important progress in our global ‎divestment program," Chief Executive Bernard Looney said.

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