Japan’s INPEX acquires stake in Anadarko deepwater GOM blocks

7/26/2019

TOKYO - INPEX has reached an agreement with Anadarko to acquire a 40% participating interest in Keathley Canyon blocks 921 and 965, as well as Walker Ridge blocks 881 and 925 in the US Gulf of Mexico.

The Blocks are located approximately 380 kilometers off the coast of the State of Louisiana and cover an area of 93.2 square kilometers where the water depth ranges between approximately 2,150 and 2,700 meters. The Blocks lie in the vicinity of the Lucius Oil Field and Hadrian North Oil Field, which are both producing oil fields in which INPEX has participating interests through its subsidiary. INPEX plans to drill an exploration well at an early stage in partnership with the operator, Anadarko, subject to INPEX and Anadarko management approvals and further evaluation work.

INPEX positions the Gulf of Mexico as one of the company’s priority exploration areas. The acquisition of the Blocks is also aligned to INPEX’s pursuit of the “sustainable growth of oil and natural gas E&P activities,” one of the growth targets outlined in the company’s “VISION 2040” announced in May 2018. The impact of this acquisition on the company’s consolidated financial results for the year ending December 2019 is expected to be minimal.

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