Petroleum Africa
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Wednesday, October 27, 2021
INPEX Corp. has sold all of its shares in Teikoku Oil (D.R. Congo), a subsidiary, to Perenco Energies International, thereby divesting all its interests in the Offshore D. R. Congo Block. Through Teikoku Oil (D.R. Congo), INPEX had previously held a 32.28-percent participating interest in the Block where it had been engaged in the development and production of crude oil.
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, which contributed to the sustainable expansion of INPEX’s upstream business.
Perenco has been operating in the Republic of Congo since 2001 and has a number of assets in the country. The Group operates the Likouala field (in partnership with Eni Congo). Perenco also operates the Yombo field with the FPSO La Noumbi and the PNGF South fields.
The company reached its decision to sell its shares in the operation due to an expected significant decline in productivity, given that more than 45 years have elapsed since the start of production, and a lack of prospects for expanding the operations within the Block and its vicinity from an INPEX Group asset portfolio optimization perspective.
The impact of this matter on INPEX’s consolidated financial results is minimal and has already been factored into the forecasted consolidated financial results for the year ending December 31, 2021.
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