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Shell Over­seas Hold­ings Lim­ited (Shell) has an­nounced the com­ple­tion of the sale of Shell Ex­plo­ration and Pro­duc­tion Oman Lim­ited (SEPOL), which holds a 17 per cent par­tic­i­pat­ing in­ter­est in the Mukhaizna Pro­duc­tion Shar­ing Agree­ment in Oman, to IOCL Sin­ga­pore PTE Ltd. (ISPL), a sub­sidiary of In­dian Oil Cor­po­ra­tion Lim­ited (In­di­anOil). The trans­ac­tion is val­ued at $329 mil­lion and in­cludes the mar­ket­ing rights for en­ti­tle­ment oil. The effective date of the trans­ac­tion is Jan­uary 1, 2017. Upon com­ple­tion of this trans­ac­tion, In­di­anOil’s stake in Mukhaizna will be 17 per cent, with the re­main­ing 83 per cent owned by Oc­ci­den­tal Mukhaizna LLC (45 per cent), Oman Oil Com­pany SAOC (20 per cent), Liwa En­ergy Lim­ited (15 per cent), To­tal E & P Oman (2 per cent) and Par­tex (Oman) Cor­po­ra­tion (1 per cent). Oc­ci­den­tal Mukhaizna LLC is the op­er­a­tor of the Mukhaizna as­set.

Shell Oman Coun­try Chair, Chris Breeze said “We are pleased to as­sist the en­try of In­di­anOil, an in­te­grated en­ergy com­pany with ac­tiv­i­ties in oil, gas, petro­chem­i­cals and one of In­dia’s largest com­pa­nies, into the up­stream sec­tor in Oman. Shell re­mains fully com­mit­ted to Oman’s en­ergy fu­ture and is ac­tively seek­ing to make fur­ther in­vest­ments in the coun­try.” Shell’s de­ci­sion to di­vest con­tin­ues to be driven by its strat­egy to sell non-core as­sets or com­pa­nies to re-shape Shell into a sim­pler, more re­silient and fo­cused com­pany. This sale takes Shell a step closer to its di­vest­ment tar­get of $30 bil­lion. Shell is ac­tive in Oman across the oil and gas in­dus­try and is in­volved in joint ven­ture and in­de­pen­dent ac­tiv­i­ties rang­ing from re­search and de­vel­op­ment, ex­plo­ration and pro­duc­tion to trad­ing and de­vel­op­ment. Shell also im­ple­ments ex­ten­sive so­cial in­vest­ment pro­grammed that con­tribute to the sus­tain­able de­vel­op­ment of the coun­try. Shell has a 30 per cent share in Oman LNG LLC, 49 per cent own­er­ship of Shell Oman Mar­ket­ing Com­pany SAOG, and 34 per cent of Petroleum De­vel­op­ment Oman.

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