Inpex Corp.’s (INPEX) subsidiary, Teikoku Oil Co. Ltd., reached an agreement to transfer 30% of its participating interest in the Block 31 offshore Suriname, to UK-based E&P company, Tullow B.V., a subsidiary of Tullow Oil (Tullow).
This transaction is subject to the satisfaction of certain conditions, including Staatsolie’s approval.
The block is located about 90km north of Paramaribo, the capital of Suriname, and covers 5,560 km sq, with a water depth ranging from 30m to 90m. After INPEX acquired the Block in 2007, it conducted three-dimensional seismic works and drilled an exploratory well as the operator since 2008. Another three-dimensional seismic data acquisition is now ongoing, and further exploration activities will continue including another exploratory well planned in 2015.
Offshore Suriname is a frontier area where exploration activities intensified only in recent years. The Block is promising for oil and gas discoveries as oil and gas shows public relations group, corporate communications unit.
This is the third case for INPEX to have Tullow as a project partner following the Mozambican project and Uruguayan project. It is hoped this farm-out will further strengthen the relationship with Tullow, which focuses on E&P activities in frontier areas in Latin America and Africa.
Teikoku Oil Co., Ltd. 70% is the operator of the block and holds the remaining 70% interest in the block.