Perenco Energies International Ltd. bought all shares of Teikoku Oil (D.R. Congo) Co. Ltd., an INPEX subsidiary, acquiring all the company’s interests in the offshore D. R. Congo block, Democratic Republic of the Congo. The purchase divests INPEX of all shares in the block which covers about 1,000 sq km in 4-20 m of water.
INPEX acquired mining rights to the block in 1970 and began producing crude oil there in 1975. Since then, multiple oil fields were discovered in the block and underwent development and production activities. INPEX is selling its shares due to an expected significant decline in productivity and a lack of prospects for expanding operations within the block.
The impact of this sale on INPEX’s consolidated financial results is minimal and has already been factored into the forecasted consolidated financial results for the year ending Dec. 31, 2021.
Perenco has been operating in the Republic of Congo since 2001, when a common company of Perenco and SNPC (the Congolese National Society of Hydrocarbons) was created to operate the Emeraude field.
INPEX previously held 32.28% participating interest in the block. With the purchase, Perenco now holds 100% interest.