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 Eversheds Sutherland team was led by Legal Director Jubilee Easo and included tax Partner Ben Jones.

Global Relationship Partner Mark Davenport commented:

“Shell is a key client. We are delighted to continue to support them on their strategic goal of becoming a simpler, more resilient and focused company – through this transaction in Oman and also advising them in December 2017 on their acquisition of First Utility in the UK”.