Business Reporter -
Muscat, JAN 9 -
Global legal firm Dentons has advised Oman Oil Company Exploration & Production LLC (OOCEP), the exploration arm of the state-owned Oman Oil Company SAOC, on the sale of a 10 per cent stake in the giant Khazzan gas onshore field and project to Malaysia’s Petronas.
The Petronas unit, PC Oman Ventures Ltd, has acquired the stake in the Block 61 Contract Area, which is expected to produce around 1.5 billion cubic feet of natural gas per day by 2020. Makarim Gas Development LLC, OOCEP’s subsidiary in the EPSA, continues to hold a 30 per cent stake in the project while UK-headquartered BP holds the remaining 60 per cent.
In support of OOCEP’s General Counsel, Richard McLaughlin, Dentons advised 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’re 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.”
The Dentons team was led by Energy partners Andy Figgins in Muscat and Humphrey Douglas in London, and with support from senior associates James Lansdell in Muscat and Anna Tostevin Leiwe in London.
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