Inpex Corp. of Japan is to acquire a 9.99% indirect interest in Block 14 offshore Angola from Total SA. The transaction remains subject to the approval of Angolan authorities.
Block 14 lies in 200-1,500 m of water about 100 km from Cabinda and covers 4,094 sq km. The block, which began production in 1999, currently produces more than 160,000 b/d of medium-light crude. Block 14 is operated by Cabinda Gulf Oil Co. Ltd., which holds 31% interest. Other partners include Total 20%, Sonangol Pesquisa e Producao SA 20%, Eni Angola Exploration BV 20%, and Galp Exploracao e Producao Petrolífera SA 9%.
Total’s share of Block 14 will be transferred to a newly formed Total affiliate—Angola Block 14 BV—in which Inpex will become a shareholder.