(MENAFN- Kuwait News Agency (KUNA)) Japan's largest oil explorer Inpex Corp. said Tuesday it has acquired a 7.2 percent stake in the Lucius project in the deepwater of the US Gulf of Mexico from a subsidiary of US company Anadarko Petroleum Corp.
The oil and gas development project includes portions of Keathley Canyon blocks, the Tokyo-based firm said in a statement.
After the joint venture agreement is finalized, the Lucius project will continue to be operated by Anadarko with a 27.8 percent participating interest, according to Inpex. Other partners are Plains at 23.331 percent, Exxon Mobil at 15 percent, Apache at 11.669 percent, Petrobras at 9.6 percent and Eni at 5.4 percent.
The Lucius project is located offshore 380km southwest of Port Fourchon, Louisiana, at a depth of about 2,160m. The first production of crude oil and natural gas is expected to start in the latter half of 2014.
Crude oil and natural gas, to be processed with a truss spar floating facility with daily capacity in excess of 80,000 barrels of oil and 450 million cubic feet of gas, will be exported to the onshore facilities in Louisiana via a subsea pipeline.
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