Yep its a shadow drop. Out now on steam at least. No idea if its any good or not. At least the gfx are shiny. Never cared much for Oblivion back in the day. (Prefered Morrowind and Skyrim) but I might give this a try one day.
At least its going to feel like a whole new game for me if I get to it, since I played it so little back when I first tried it.
From what I can tell they just contracted a studio out of Singapore to handle it which seems to be the play nowadays for game remasters, hire a studio in Eastern EU or SEA to do all the labor and then rake in some nostalgia bucks.