French oil major Total announced Tuesday that it has agreed to sell Japan's Inpex Corporation a 9.99-percent interest in Block 14, offshore Angola.
Block 14 is located approximately 62 miles offshore the city of Cabinda in Angola and covers approximately 1,575 square miles with a water depth ranging from approximately 650 feet to 4,920 feet. The block began production in 1999 and currently produces in excess of 160,000 barrels of oil per day of medium light crude oil.
Block 14 is operated by Cabinda Gulf Oil Company (which holds a 31-percent stake). According to a Total statement, its 20-percent stake in the block will be transferred to a newly-formed Total affiliate, called Angola Block 14, in which Inpex will become a shareholder.
Inpex is already invested in Angola, producing crude oil from Blocks 3/05 and 3/91 and it is also engaged in exploration work in the Onshore Cabinda North Block.
Inpex said in a separate statement that participating in Block 14 will "robustly contribute" to increase its production volume and reserves and enhance its global asset portfolio.
Inpex is also a partner with Total in Australia's Ichthys project.
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