Inpex exits offshore Congo block
Japanese energy company Inpex has sold all its shares in Teikoku Oil (D.R. Congo), a subsidiary, to UK-based Perenco Energies International, thereby divesting all its interests in the Offshore D.R. Congo block, it said on October 27.
Through Teikoku Oil (D.R. Congo), Inpex had previously held a 32.28% participating interest in the block where it had been engaged in the development and production of crude oil.
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The company acquired mining rights to the block in 1970 and began producing crude oil there in 1975. Inpex said it reached the decision to sell the shares in the operation due to an expected significant decline in productivity.
Inpex said that the impact of this matter on its consolidated financial results is minimal.