Inpex Ups Interest in Lucius Project in the US Gulf of Mexico

Inpex Corporation (Inpex) announced Wednesday that Teikoku Oil (North America) Co., Ltd., 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 percent.

Inpex’s increased participating interest follows the May 2014 decision by Apache Corporation (Apache) to sell all its participating interest in the project, amounting to 11.669 percent, to Freeport-McMoRan Oil & Gas. In accordance with the Lucius Unit Operating Agreement (UOA), Apache opened its sales offer to all interest holders. Inpex and other interest holders exercised preferential rights, dividing Apache’s interest between the three companies by the ratio of their participating interests.

The Lucius project, which includes portions of Keathley Canyon blocks 874, 875, 918 and 919, is located approximately 236 miles (380 kilometers) southwest of Port Fourchon, Louisiana, where the water is approximately 7,086 feet (2,160 meters) 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.

Inpex is actively undertaking oil and gas upstream businesses in order to enhance its E&P activities, as addressed in the company’s Medium- to Long-Term Vision. The acquisition of the additional participating interest in the Lucius deepwater US Gulf of Mexico project is in line with the Inpex vision.

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