Makarim Gas Development LLC, OOCEP's subsidiary in the exploration and production sharing agreement, continues to hold a 30 per cent stake in the Khazzan gas project while BP holds remaining 60 per cent, Dentons said.
Dentons advised OOCEP on the regulatory and contractual structure of the deal, drafted the sale and purchase agreement, and assisted with all the consents, pre-emption requirements and other conditions precedent leading up to the closing at the end of December 2018.
Andy Figgins, partner in Dentons' Muscat office heading the energy, transport and infrastructure team, said, "We are delighted to have advised our long-standing client OOCEP on the sale of part of their stake in this world class unconventional gas project, welcoming high profile foreign investment into Oman's oil sector.”
Petronas is Malaysia’s fully-integrated oil and gas multinational ranked among the largest corporations on Fortune Global 500.
'The acquisition of Block 61 [stake] marks an important milestone in realizing Petronas' growth strategy in the upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply,' Petronas said on its Twitter handle last week.