BP has suffered a mammoth annual loss of £4.2billion after demand for oil plummeted amid the coronavirus pandemic.
The oil giant s disappointing figures compare with profits of £7.3billion in 2019 and come despite a bounce-back in prices during the second half of the year.
BP s results for the final quarter of 2020 show it made underlying profits of £84million, having swung out of the red in the previous quarter, but the figures were worse than expected.
It said oil prices have risen since the end of October, helped by the rollout of the coronavirus vaccine worldwide, while it also expects demand to bounce back this year.
BP is selling a third of its stake in an Omani gas development to a subsidiary of Thailand s largest corporation that it said marks another significant step in its divestment strategy.
The group stated that it has agreed a $2.6billion (£1.9billion) offer for 20 per cent of the Block 61 site from PTT Exploration and Production and is hoping to complete the transaction later this year.
It still remains the largest stakeholder in the project though, holding a 40 per cent share, with another 30 per cent controlled by Oman s state-run energy firm OQ and the final 10 per cent owned by Malaysia s Petronas.
BP still retains a 40 per cent interest in the Block 61 project. Another 30 per cent is controlled by Oman s state-run energy firm OQ and the final 10 per cent is owned by Malaysia s Petronas