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Indian Oil Corporation Limited has acquired a 17 per cent participating interest in the Mukhaizna Oilfield, Oman, through its wholly owned Singapore subsidiary.
The field has been acquired by taking a 100 per cent equity stake in Shell Exploration & Production, Oman, from Shell Overseas Holdings Limited for $329 million.
An Indian Oil statement said that the Mukhaizna is the single largest producing individual oilfield in Oman that contributes to 13 per cent of total Omani crude production with a current production of 1,20,000 barrels per day.
This is IOCL’s first producing upstream acquisition in Oman. The field is operated by Occidental Mukhaizna LLC with a 45 per cent stake. The other partners are Oman Oil Company (20 per cent), Liwa Energy Limited (15 per cent), Total E&P Oman (2 per cent) and Partex (Oman) Corporation (1 per cent).
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