In a major fillip to the Corporation’s E&P business and aimed to boost IndianOil’s presence in the upstream sector in the Middle East, IndianOil has acquired 17% participating interest in Mukhaizna Oil Field (including the Marketing Rights for entitlement oil) by acquiring 100% equity stake in Shell Exploration & Production Oman Ltd. (“SEPOL”) from Shell Overseas Holdings Ltd. (“Shell”), for a transaction value of US$ 329 million. IndianOil has made this acquisition through its wholly owned subsidiary, IOCL Singapore Pte. Ltd. The effective date of the transaction is 1st January 2017.

The Mukhaizna Oil Field is the single largest producing individual oil field in Oman, contributing ~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 Limited (15%), Total E & P Oman (2%) and Partex (Oman) Corporation (1%).

This is IndianOil’s first producing upstream acquisition in Oman which will further enhance its growth in the upstream sector in the Middle East. The acquisition also has a significant strategic importance to India, both in terms of augmenting India’s energy security as well as enhancing India’s stature in the global political and economic arenas.

About Indian Oil Corporation (IndianOil)

Indian Oil Corporation Ltd. (IndianOil) is India's largest commercial enterprise, ranked 119th among the world's largest corporates (and first among Indian enterprises) in the prestigious Fortune ‘Global 500’ listing for the year 2015. IndianOil has been meeting India’s energy demands for over half a century. Its business interests straddle the entire hydrocarbon value-chain – from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals, besides forays into alternative energy and globalisation of downstream operations. As part of its Exploration & Production portfolio, IndianOil has participating interest in eight domestic and seven overseas blocks. The seven overseas blocks are located in Libya, Gabon, Nigeria, Yemen, Venezuela, Canada and USA.

About Royal Dutch Shell plc

Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.