Inpex to purchase interest in offshore Angola block from Total

oil rig sea Angola Block 14Inpex will join Total SA in offshore Angola Block 14. (Image source: Nandu Chitnis)Total SA has agreed to sell a 9.99 per cent interest in offshore Angola Block 14 to Japanese oil firm Inpex Corporation

The transaction, which will be subject to the approval of Angolan authorities, will see Inpex join operator Cabinda Gulf Oil Company Limited, who hold a 31 per cent interest in the block, along with other partners including Sonangol Pesquisa e Produção and Eni Angola Exploration, who both hold 20 per cent interests, and Galp Exploração e Produção Petrolífera who holds the remaining 9 per cent.

Production on Block 14 started in 1999 and currently produces in excess of 160,000 boepd of medium light crude oil.

In a statement Inpex said, "Participating in Block 14 will robustly contribute to increase Inpex’s production volume and reserves, and to enhance its global asset portfolio."

Block 14, which is located approximately 100km offshore from Cabinda in Angola, covers an area of approximately 4,094 sq km and has a water depth ranging from 200 metres to 1,500 metres.

According to Total, its 20 per cent share in Block 14 will be transferred to a newly-formed affiliate company called Angola Block 14, in which INPEX will become a shareholder.

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