Inpex is pleased to announce that its wholly owned subsidiary Teikoku Oil Ecuador (TOE) has been granted approval by the Ecuadorian authority and reached a final agreement with Petrobras Energia S.A. to acquire a 40% participating interest of Block 18 from EcuadorTLC S.A., a wholly owned subsidiary of Petrobras Energia.
The block is located in Oriente Basin, the eastern part of Ecuador, which covers an area of 1,138km2. After this acquisition, TOE will hold a 40% participating interest, leaving EcuadorTLC (operator) with a 30% participating interest, Cayman International Exploration Company S.A. with a 18% participating interest and Petromanabi with a 12% participating interest.
In Block 18, 30 thousand barrels of oil per day is currently being produced. Additional production is expected through the future development activities.
Inpex has been focusing upon Latin American countries as one of its international business core areas. Inpex have been involved in exploration, development and production activities in Brazil, Venezuela and Mexico. The acquisition of Block 18 will further expand Inpex's upstream activities in Latin America countries.
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