Indian Oil Corporation Limited acquires a 17% stake in Oman’s Mukhaizna oil field for $329 million

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.

 

 

 

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