Japanese E&P Inpex Corp. entered a deal on July 26 to purchase U.S. Gulf of Mexico (GoM) assets from soon-to-be-acquired Anadarko Petroleum Corp.

The Tokyo-based company said its U.S. subsidiary reached an agreement with Anadarko to acquire a participating interest in Keathley Canyon and Walker Ridge blocks located roughly 380 km (236 miles) off the coast of Louisiana. The terms of the transaction have not been disclosed.

According to the company press release, Inpex already has plans to drill an exploration well at an early stage in partnership with the operator, Anadarko, subject to management approvals and further evaluation work. Though, Anadarko, itself, is in the process of being acquired by rival Occidental Petroleum Corp.

The portfolio of The Woodlands, Texas-based independent oil company includes a range of global assets. However, what has largely believed key to Anadarko’s takeover is its position in the Permian’s Delaware Basin as Occidental already has agreed to divest the company’s Africa assets.

Occidental’s cash-and-stock bid for Anadarko, which including debt is for about $57 billion, has been approved by the U.S. Federal Trade Commission and is expected to close by the end of this year.

In the sale to Inpex, Anadarko is selling a 40% participating interest in Keathley Canyon blocks 921 and 965 and Walker Ridge blocks 881 and 925. As part of the agreement, Anadarko will retain operatorship with a 60% interest remaining in the blocks.

Map Of Keathley Canyon Blocks 921/965 And Walker Ridge Blocks 881/925 In Southern US Gulf Of Mexico (Source: Inpex Corp.)
Map Of Keathley Canyon Blocks 921/965 And Walker Ridge Blocks 881/925 In Southern US Gulf Of Mexico (Source: Inpex Corp.)

Inpex is Japan’s largest exploration and production company. The company said it ranks as a mid-tier E&P player, just behind the world’s oil majors.

Though Inpex is currently involved in about 70 projects across more than 20 countries, the company said it considers the GoM as one of its priority exploration areas.

The assets Inpex agreed to acquire from Anadarko are located near the Lucius and Hadrian North producing oil fields, in which the company has participating interest through its subsidiary. The blocks cover an area of 93.2 sq km where the water depth ranges between about 2,150 m and 2,700 m.

Emily Patsy can be reached at epatsy@hartenergy.com.

Offshore