<a href=Inpex Angola” height=”311″ src=”https://www.offshore-technology.com/wp-content/uploads/static-progressive/Inpex_Aug%2021.JPG” style=”padding: 10px” title=”Inpex Angola” width=”300″ />

Inpex will acquire a 9.99% indirect interest in Block 14 offshore of the Republic of Angola from France-based Total for an undisclosed sum.

The 4,094 square kilometre Block 14, with a water depth ranging from 200m to 1500m, is located approximately 100km off the coast of Cabinda.

Current production from the block stands at 160,000 barrels of oil each day of medium light crude oil from three development areas.

More oil is anticipated to be produced from other development areas within Angola Block 14 in the future, the company said.

Cabinda Gulf Oil Company, as operator, has a 31% stake in the block, while other partners include Angola Block 14, Sonangol Pesquisa e Produção and Eni Angola Exploration, which hold a 20% interest.

Galp Exploração e Produção Petrolífera holds a nine percent stake.

The transaction will close subject to certain regulatory closing conditions including the approval of Angolan authorities.

Angola Block 14 has unveiled plans to further expand exploration, development and production activities in the newly acquired block with the partners.

Inpex currently holds interest through other entities and is producing crude oil from Blocks 3/05 and 3/91. The company is also engaged in exploration work in the Onshore Cabinda North Block in Angola.

The newly acquired assets will augment Inpex’s global asset portfolio, thereby increasing production volume and reserves, which is in line with its long-term growth plan, the company said.

Image: Block 14 currently produces 160,000 barrels of oil a day. Photo courtesy of: Inpex.