Indian Oil Corporation Limited (IndianOil) recently acquired a 17 % stake in Oman’s Mukhaizna oil field in a deal worth $329 million.
Occidental Mukhaizna LLC (45 %), Oman Oil Company S.A.O.C (20 %), Liwa Energy Limited (15 %), Total E&P Oman (2 %), Partex Corporation (1 %) will own the remaining 83% .
India’s ambassador to Oman, Indra Mani Pandey said in a statement, “This step will further enhance cooperation between the two countries in oil and gas sector. 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.”
Indian Minister for Petroleum and Natural Gas Dharmendra Pradhan also tweeted about the deal saying that 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.
He further added that the move is the second major acquisition of an oil asset in the Gulf region, following an Indian consortium’s acquisition of a 10 % stake in the UAE’s lower Zakum field.
more recommended stories
Oman: OPWP signs $155 million worth deals signed with ACWA Salalah Independent Water Project
Oman Power and Water Procurement Company.
24 Shiites sentenced to prison, nationality cancelled for forming “terrorist group” in Bahrain
24 Shiite citizens were recently served.
Investcorp Chairman says even if half of Crown Prince’s plans materialise, Saudi will be “fantastically changed’ for the better
In a recent interview, Mohammed bin.
Kuwait to receive $90 million as war reparations from Iraq
Kuwait was recently approved $90 million.
US company to create products based on customer’s DNA – Healthcare,Technology,GCC,Americas
US-based Targeted DNA has announced revolutionary.
The United Arab Emirates is seeing a new period of slow and steady economic growth
Development in Abu Dhabi and Dubai.
Mumzworld announces revised ‘return to work’ programme to provide flexible opportunities for working mothers
Middle East’s first of its kind.
The higher oil prices and easing anxieties after US-led strikes on Syria assisted fuel confidence
The Saudi stock market rushed Monday.
Saudi Holds its First-Ever Fashion Week
In the lobby of Riyadh’s.
More than 4,000 Emiratis including 34% female applicants apply for the UAE astronaut programme
Within three months of announcing the.