Indian Oil Corporation (IOC) has completed acquisition of 17% participating interest in Mukhaizna Oil Field (including the Marketing Rights for entitlement oil) by acquiring 100% equity stake in Shell Exploration & Production Oman (SEPOL) from Shell Overseas Holdings (Shell), for a transaction value of $329 million. The company has made this acquisition through its wholly owned subsidiary, IOCL Singapore. The effective date of the transaction is January 1, 2017. This is IOC’s first producing upstream acquisition in Oman which will further enhance its growth in the upstream sector in the Middle East.
The Mukhaizna Oil Field is the single largest producing individual oil field in Oman, contributing approximately 13% of total Omani crude production with current production of 1,20,000 bbl/d. It is also, the largest steam flood project in the Middle East. The field is operated by Occidental Mukhaizna LLC (45%). The other partners are Oman Oil Company S.A.O.C (20%), Liwa Energy (15%), Total E & P Oman (2%) and Partex (Oman) Corporation (1%).
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
