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