Eversheds Sutherland has assisted Shell on the strategic sale of Shell Exploration and Production Oman Limited (SEPOL) to Indian Oil Corporation subsidiary IOCL Singapore PTE Ltd, in a transaction worth US$329 million.
As a result of the deal, Indian Oil Corporation will hold a 17% interest in the Mukhaizna Production Sharing Agreement in Oman, as well as the Marketing Rights for entitlement oil. The sale is part of Shell’s wider strategy to sell non-core assets or companies to meet its divestment target of US$30 billion.
The field is operated by Occidental Mukhaizna LLC with 45 per cent stake. The other partners are Oman Oil Company S.A.O.C (20 per cent), Liwa Energy Ltd (15 per cent), Total E&P Oman (2 per cent) and Partex (Oman) Corporation (1 per cent).
The Eversheds Sutherland team was led by Legal Director Jubilee Easo (picture) and included tax Partner Ben Jones.
Law Firms: Eversheds Sutherland;