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>

<< Jan 2018 >>
MTWTFSS
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 2 3 4

SPE/IADC Middle East Drilling Technology Conference and Exhibition

The theme for this conference is “Building on Today’s Efficiencies for Tomorrow’s Market.” This will be the basis for the technical agenda…

read more >

The World Future Energy Summit (WFES) 2018

WFES will also hold its annual conference, which sees international government and business experts come together to discuss critical global…

read more >

HYPACK 2018

This training event will offer instruction on the newest features of HYPACK® 2018 as well as comprehensive training for both novice…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >