Subsidiary of Indian Oil Corporation Limited buys Shell Exploration and Production Oman
Shell Overseas Holdings Limited has announced the completion of the sale of Shell Exploration and Production Oman Limited (SEPOL) to IOCL Singapore PTE Ltd (ISPL), a subsidiary of Indian Oil Corporation Limited for $329 million.
The acquisition of SEPOL, which which holds a 17 percent participating interest in the Mukhaizna Production Sharing Agreement in Oman, includes the marketing rights for entitlement oil.
Indian Oil’s stake in Mukhaizna will be 17 percent, with the remaining 83 percent owned by Occidental Mukhaizna (45 percent), Oman Oil Company (20 percent), Liwa Energy Limited (15 percent), Total E & P Oman (2 percent) and Partex (Oman) Corporation (1 percent).
Shell Oman country chair, Chris Breeze, said: “We are pleased to assist the entry of Indian Oil, an integrated energy company with activities in oil, gas, petrochemicals and one of India’s largest companies, into the upstream sector in Oman.
"Shell remains fully committed to Oman’s energy future and is actively seeking to make further investments in the country.”
He added: "Shell’s decision to divest continues to be driven by our strategy to sell non-core assets or companies to re-shape Shell into a simpler, more resilient and focused company. This sale takes Shell a step closer to its divestment target of $30 billion."