Asset A&D

INPEX Increases Stake in Gulf of Mexico Fields

By Shivangi Jain
February 03, 2021
a minute read
Offshore Rig

A U.S. subsidiary of INPEX Corp. has entered into an agreement with Exxon Mobil Corp. to acquire an additional 2.3546% participating interest in the Lucius and Hadrian North fields located in the U.S. Gulf of Mexico. The financial terms of the transaction have not been disclosed.

The acquisition increases INPEX’s stake in the fields from around 7.75% to approximately 10.11%. Other partners in the fields include Occidental Petroleum Corp., Brazilian state-owned Petroleo Brasileiro SA (Petrobras), and Italian major Eni SpA.

The Lucius and Hadrian North fields are located in Keathley Canyon (KC) blocks 874, 875, 918, and 919 in the U.S. Gulf of Mexico. Reported average daily production from the fields during 2019 was 871 barrels of oil equivalent per day (boe/d), of which 84% was oil. Crude oil and natural gas produced are transported and shipped to an onshore facility in the State of Louisiana via subsea pipelines.

“INPEX’s acquisition of additional interest in the Lucius and Hadrian North fields contributes to the sustainable growth of oil and natural gas E&P activities, one of the business targets outlined in the company’s Vision 2040 announced in May 2018. INPEX will continue to actively take part in the exploration, development and production of crude oil and natural gas in the Gulf of Mexico,” INPEX said in a statement.

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