Eric Watkins
Senior Correspondent
LOS ANGELES, Nov. 7 -- Inpex Corp. and Teikoku Oil Co., both of Japan, will integrate their operations starting next year under a joint holding company with a full merger of all three companies slated for June 2008.
The joint holding company, Inpex Holdings Inc., is expected to be established in April 2006, the two companies said. At that time, Inpex Corp. and Teikoku will become wholly owned units of Inpex Holdings.
The three companies are slated to formally merge in June 2008. The integration is intended to create a more competitive player, executives said.
The two companies said the holding company would have proven reserves of 1.8 billion boe and production of 372,000 b/d of crude oil.
Inpex operates in Asia, the Middle East, Caspian Sea, and the central and south Pacific, while Teikoku operates in Africa, Central America, and South America.
Contact Eric Watkins at [email protected].
