Breaking News

You are here » Indian-Commodity  :  Corporate  :  IOC concludes acquisition of 17% participating interest in Mukhaizna oil field

06-Apr2018

IOC concludes acquisition of 17% participating interest in Mukhaizna oil field

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.




Related News

View all news

IOC to infuse Rs 1,200 crore in CNG distribution in Burdwan

Indian Oil Corporation (IOC) is planning to infuse Rs 1,200 crore over the next 6-7 years to create infrastructure of laying LPG pipeline and installing CNG stations in the two Burdwan districts of West......

IOC discovers seven geographical areas in Tamil Nadu: Report

Indian Oil Corporation (IOC) has reportedly discovered seven geographical areas (GAs) in ten districts of Tamil Nadu. The company will invest nearly Rs 2,100 crore in coming five years, in a bid to employ......

Jumbo Finance gets shareholders' nod to increase borrowing limits up to Rs 30 crore

Jumbo Finance has received an approval to increase Borrowing Limits of the company up-to Rs 30 crore. The shareholders of the company at their meeting held on November 19, 2018, approved the same.Jumbo......

Top News

View all news

Jumbo Finance gets shareholders' nod to increase borrowing limits up to Rs 30 crore

Jumbo Finance has received an approval to increase Borrowing Limits of the company up-to Rs 30 crore. The shareholders of the company at their meeting held on November 19, 2018, approved the same.Jumbo......

Alembic Pharma gets USFDA's nod for Vardenafil Hydrochloride Orally Disintegrating Tablets

Alembic Pharmaceuticals has received an approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Vardenafil Hydrochloride Orally Disintegrating Tablets,......

SRF expects total Rs 28 crore quantum of damage due to Cyclone GAJA

SRF is expecting a total Rs 28 crore quantum of damage caused, based on the initial assessment. The disruption of operations was due to Cyclone GAJA at the plant of Technical Textiles Business (Viralimalai)......