Japanese oil and gas exploration and production firm Inpex, through its subsidiary Teikoku Oil (North America), has increased its stake in the Anadarko Petroleum-operated Lucius deep-water field in the US Gulf of Mexico.
The company’s participating interest in the field, located in the Keathley Canyon block, now stands at 7.75309% following the acquisition and the interim redetermination of equity ownership by the project partners.
Energy firm Apache has recently agreed to sell its 11.669% participating interest in the project to Freeport-McMoRan Oil & Gas.
Inpex and other interested parties exercised preferential rights, dividing Apache’s stake between the three firms by the ratio of their participating interests.
Located approximately 380km south-west of Port Fourchon, Louisiana, the Lucius project is spread over parts of Keathley Canyon blocks 874, 875, 918 and 919, with a three-way closure against a salt barrier.
In December 2011, a final investment decision (FID) was made by the Lucius partners to develop the project.
Development work is currently underway and production is expected to start in the latter half of 2014.
The Lucius field was discovered in December 2009 using the Ensco 8500 semi-submersible rig.
The discovery well, which was drilled to a depth of 20,000ft in approximately 7,100ft of water, encountered 200ft of net pay in subsalt Pilocene and Miocene sands of Keathley Canyon block 875.
Image: The Lucius project is spread over parts of Keathley Canyon blocks 874, 875, 918 and 919. Photo: courtesy of Inpex.