Inpex Enters Angola’s Block 14

Date: Friday, August 24, 2012

French firm Total has agreed to sell to Inpex a 9.99% indirect interest in Block 14 offshore Angola. According to a Total statement, its 20% stake in the block will be transferred to a newly-formed Total affiliate, called Angola Block 14, in which Inpex will become a shareholder.

Block 14 is located approximately 62 miles offshore Cabinda and began production in 1999. Operated by Cabinda Gulf Oil Co (Cabgoc), a Chevron unit, the block currently produces in excess of 160,000 bpd.

Inpex is already invested in Angola, producing crude oil from Blocks 3/05 and 3/91 and it is also engaged in exploration work in the Onshore Cabinda North Block.

Inpex said in a separate statement that participating in Block 14 will "robustly contribute" to increasing its production volume and reserves and enhancing its global asset portfolio.

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