Indian Oil takes Shell stake in Oman field
NEW DELHI, April 6, 2018 – Indian Oil has acquired Shell’s 17% stake in Oman’s Mukhaizna oilfield for USD 329 million, the Indian company said on Friday.
In a statement posted on its website, Indian Oil described the deal as a major boost to its upstream presence in the Middle East.
The Mukhaizna field is operated by Occidental (with 45%), with shares held by Oman Oil Company Exploration and Production (20%), Liwa Energy Limited (15%), Total E&P Oman (2%) and Partex (Oman) Corporation (1%).
“The acquisition also has a significant strategic importance to India, both in terms of augmenting India’s energy security as well as enhancing India’s stature in the global political and economic arenas,” the company said, noting that the Mukhaizna stake is Indian Oil’s first producing asset in Oman.