INPEX, Partners Agree to Extension of Concession Offshore D. R. Congo Block

Source: www.gulfoilandgas.com 12/6/2017, Location: Africa

Inpex Corporation and its partners Muanda International Oil Company Ltd. (MIOC) and Chevron have reached an agreement with the government of the Democratic Republic of the Congo to extend the duration of the concession agreement for the Offshore D.R. Congo Block (the Block) for a period of 20 years from November 21, 2023 to November 21, 2043. INPEX is engaged in the development and production of oil from the Block through its subsidiary, Teikoku Oil (D.R.Congo) Co, Ltd.

The producing oil fields of the Block are located off the western coast of the Democratic Republic of the Congo, where the water’s depth is approximately 4~20 meters. Since production began in 1975, the Block has maintained a stable output for over 40 years. As of September 2017, the average production rate amounted to a cumulative total of approximately 11,000 barrels of crude oil per day from ten oil fields.

The 20-year extension of the concession agreement is expected to increase the volume of production and reserves from the Block attributed to INPEX, and contribute to the company’s pursuit of the continuous enhancement of E&P activities, which is positioned as one of three growth targets outlined in the company’s “Medium- to Long-Term Vision.” The impact of the agreement to the extension on the company’s consolidated financial results is expected to be minimal.

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