INPEX increases stake in deepwater GoM project

INPEX Corporation announced that Teikoku Oil Company, a subsidiary, has acquired an additional participating interest in the Lucius deepwater US Gulf of Mexico project.

Following this acquisition and the interim redetermination of equity ownership by the project partners, INPEX’s participating interest in the Lucius project stands at 7.75309%.

INPEX’s increased participating interest follows the May 2014 decision by Apache Corporation to sell all its participating interest in the project, amounting to 11.669%, to Freeport-McMoRan Oil & Gas.

Lucius project

The Lucius project, which includes portions of Keathley Canyon blocks 874, 875, 918 and 919, is located approximately 380 km southwest of Port Fourchon, Louisiana, where the water is approximately 2160 m deep. The Lucius partners made a Final Investment Decision (FID) to develop the project in December 2011. Development work is ongoing and production is scheduled to commence in the latter half of this year.

To date, INPEX has been involved in several oil and gas projects in the shallow waters of the US Gulf of Mexico, and also participates in exploration and production (E&P) activities in the Walker Ridge 95/96/139 Blocks in the deepwater US Gulf of Mexico. The company will continue to conduct exploration, development and production activities in the region.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/09072014/inpex_increases_stake_in_deepwater_gulf_of_mexico_215/