INPEX Sells All Interests in Frade Oil Field in Brazil

October 3, 2019

INPEX CORPORATION (INPEX) announced today that it has sold all the interests held through INPEX Offshore North Campos Ltd. (INPEX Campos) to PetroRio, an independent Brazilian oil and natural gas company, thereby withdrawing from oil development and production activities (the Project) in the Frade field located approximately 370 kilometers northeast of Rio de Janeiro, Brazil. 

INPEX was formerly involved in the Project through its subsidiary, INPEX Campos that INPEX established in partnership with Sojitz Corporation (Sojitz) and Japan Oil and Gas and Metals National Corporation (JOGMEC). 

The Project, which INPEX joined in 1999, reached a final investment decision to develop the Frade field in 2006 and commenced production in 2009. Thereafter, the natural depletion of the Frade field combined with changes in the business environment due to factors such as the oil price downturn put a limitation on the Project’s ability to contribute financially to the INPEX Group. INPEX therefore decided to sell all its interests in the Project with a view to optimize the INPEX Group’s global asset portfolio. 

The impact of this matter on INPEX’s consolidated financial results is minimal.

Comments

Post a Comment

Popular posts from this blog

ADNOC’s Sour Gas Hail, Ghasha and Dalma Project Takes Critical Next Step

January 9, 2018 The Abu Dhabi National Oil Company (ADNOC) awarded the two Front End Engineering Design (FEED) contracts for ADNOC’s planned offshore ultra-sour gas mega project, which consists of the Hail, Ghasha and Dalma fields . Bechtel (UK) was awarded Hail & Ghasha FEED Contract and TechnipFMC (UAE) was awarded Dalma FEED Contract. In man-hours, the two FEED contracts, collectively, are the largest awarded by an oil and gas company, underpinning the criticality of a detailed FEED phase to optimize project cost and schedule. The project, in the northwest offshore area of the Emirate of Abu Dhabi, could meet 20 percent of the UAE’s gas demand by the second half of the next decade. H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “The growth in energy demand in Abu Dhabi, and the wider UAE, has prompted ADNOC to further harness its gas resources, as part of its 2030 smart growth strategy. This FEED award provides ADNOC with the potential to unlock
Read more

Axens Awarded Licences For The Saudi Aramco Jazan Refinery & Terminal Project

  SEPTEMBER 23 - 2011 Axens' technologies have been selected by Saudi Aramco for its Jazan Refinery & Terminal Project. The refinery, scheduled to be commissioned in December 2016, will have a capacity of 400,000 BPSD. The units under Axens design are: Naphtha hydrotreating for feedstock purification aromizing ™ – CCR Reforming for aromatics production C5/C6 isomerization unit to provide a high octane component for the gasoline pool ParamaX® complex enabling to produce high purity paraxylene and benzene. These units are designed and integrated to maximize the gasoline production and the aromatics throughput for petrochemical use. The Gas Oil desulfurization hydrotreater (Prime-D™) is also under Axens design. This Prime-D unit – one of the world's largest – will produce ultra low sulfur diesel (ULSD) with less than 10 ppm of sulfur. The refinery will deliver gasoline and diesel that meet Euro V specifications.
Read more

NFE Finalizes Agreements with Pemex to Complete Lakach Offshore Gas Field, Deploy FLNG Solution

Nov. 22, 2022 New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) announced today that it has finalized its agreements with Petróleos Mexicanos (“Pemex”), Mexico’s state-owned oil company, to develop and operate an integrated upstream and natural gas liquefaction project off the coast of Veracruz in Southeastern Mexico. The agreements comprise a long-term strategic partnership, expressly supported by His Excellency Andrés Manuel López Obrador, the President of Mexico, to complete the development of the Lakach deepwater natural gas field, one of the largest non-associated gas fields in the Gulf of Mexico. NFE will invest in the continued development of the Lakach field over a two-year period by completing seven offshore wells. In addition, NFE will deploy to the Lakach field its 1.4 MTPA Sevan Driller FLNG unit , which is currently undergoing conversion in a shipyard in Singapore, to liquefy the majority of the produced natural gas. “We are pleased to finalize our strategic
Read more