Indian Oil acquires 17% stake in Omani oil field

Indian officials say the move will provide Indian refineries with an additional 1 million metric tonnes of crude oil
By Staff writer
Mon 09 Apr 2018 12:55 PM

The state-owned Indian Oil Corporation Limited (IndianOil) has acquired a 17 percent stake in Oman’s Mukhaizna oil field for $329 million, according to Shell Overseas Holdings Limited.

The remaining 83 percent will be owned by Occidental Mukhaizna LLC (45 percet), Oman Oil Company S.A.O.C (20 percent), Liwa Energy Limited (15 percent), Total E&P Oman (2 percent), Partex Corporation (1 percent).

“This step will further enhance cooperation between the two countries in oil and gas sector,” India’s ambassador to Oman, Indra Mani Pandey, was quoted as saying by the Times of Oman.

“This key development has come in the wake of the successful visit of Prime Minister of India Narendra Modi to Oman during February…and is a reflection of India’s commitment to take its strategic partnership with Oman to a new level.”

On Twitter, Indian Minister for Petroleum and Natural Gas Dharmendra Pradhan said the acquisition will be “a major boost to India’s energy security” that will provide Indian refineries with an additional 1 million metric tonnes of crude oil.

The move is the second major acquisition of an oil asset in the Gulf region, following an Indian consortium’s acquisition of a 10 percent stake in the UAE’s lower Zakum field, he added.

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Last Updated: Mon 09 Apr 2018 01:10 PM GST

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