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


<< Mar 2018 >>
26 27 28 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 31 1

The Offshore Technology Conference (OTC) 2018

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific…

read more >

OTC Asia 2018

The biennial OTC Asia is where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge…

read more >

NAPEC 2018

North Africa Petroleum Exhibition and Conference – NAPEC is the largest oil and gas exhibition & conference in Africa focusing on the north Africa Market…

read more >

Pipeline Energy Expo 2018

The conference will offer prime opportunities for pipeline professionals to learn, network, and seek innovative solutions and products…

read more >