INPEX Acquires Additional Stake in Lucius Project (USA)

INPEX CORPORATION (INPEX) announced that Teikoku Oil (North America) Co., Ltd., 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 (Apache) to sell all its participating interest in the project, amounting to 11.669%, 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 380 km southwest of Port Fourchon, Louisiana, where the water is approximately 2,160 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.

Press Release, July 09, 2014

Share this article

Follow Subsea World News

Events>

<< Jun 2018 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

RIO OIL & GAS 2018

The leading oil and gas event in Latin America is organized every two years by the Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

Undersea Defence Technology (UDT)

It brings together professionals from the military, industry and academia to focus on the cutting edge technologies and developments within…

read more >

Subsea Connect EMEA 2018

The first ever Subsea Connect welcomed 248 attendees from 100 companies, representing 31 countries…

read more >

ONS 2018

Offshore Northern Seas (ONS) provides a platform for the presentation of the political, economic and technological issues involving…

read more >