Inpex to acquire 40% stake in four blocks in US Gulf of Mexico

26 July 2019 (Last Updated July 26th, 2019 11:18)

Inpex US Offshore, a subsidiary of Japanese exploration and production (E&P) company Inpex, has signed an agreement with Anadarko Petroleum to acquire a 40% participating interest in Keathley Canyon blocks 921 and 965, and Walker Ridge blocks 881 and 925 in the US Gulf of Mexico.

Inpex to acquire 40% stake in four blocks in US Gulf of Mexico
Inpex signed an agreement with Anadarko to acquire a 40% stake in four blocks in the US Gulf of Mexico. Credit: D Thory from Pixabay.

Inpex US Offshore, a subsidiary of Japanese exploration and production (E&P) company Inpex, has signed an agreement with Anadarko Petroleum to acquire a 40% participating interest in Keathley Canyon blocks 921 and 965 and Walker Ridge blocks 881 and 925 in the US Gulf of Mexico.

Anadarko is an independent oil and natural gas exploration and production company and is the operator of the blocks.

The four blocks, located around 380km off the coast of the State of Louisiana, cover 93.2km² where the water depth ranges between 2,150m and 2,700m. The blocks are located near the Lucius Oil Field and Hadrian North Oil Field. The Japanese company, through its American subsidiary, has participating interests in these oil-producing fields.

After the acquisition, Anadarko will continue to be the operator with a 60% participating interest in the blocks, and Inpex will hold the remaining 40% interest.

Inpex intends to drill an exploration well in partnership with operator Anadarko, subject to approvals from the managements of Inpex and Anadarko and additional evaluation. The company has placed the Gulf of Mexico as one of the priority exploration areas in its Medium-term Business Plan.

Inpex said that the acquisition of the blocks is also in tune with the company’s pursuit of sustainable growth of oil and natural gas E&P activities, a target stipulated in the ‘Vision 2040’ announced in May 2018.

The company said that the acquisition would have minimal impact on the company’s consolidated financial results for the year ending December 2019.