INPEX announced today that through its subsidiary, INPEX Americas, Inc., it has additionally acquired a portion (2.3546 percent) of the participating interest (23.29512 percent) in the Lucius and Hadrian North fields previously held by ExxonMobil. This acquisition increases INPEX's participating interest in the Lucius and Hadrian North fields from 7.75309 percent to 10.10769 percent.

Under the operatorship of Occidental, INPEX and its project partners are jointly developing, producing and marketing crude oil and natural gas from the Lucius Field located in the US Gulf of Mexico's Keathley Canyon (hereinafter "KC") blocks 874, 875, 918 and 919 and the Hadrian North Field located in KC blocks 918 and 919.

The Lucius Field is located approximately 380 kilometers offshore the State of Louisiana, where the water is approximately 2,200 meters deep. Production of crude oil and natural gas at the Lucius Field commenced in January 2015. The Hadrian North Field, which lies in the vicinity of the Lucius Field, was unitized with the Lucius Field in 2017 and thereafter has been jointly developed with the Lucius Field using the Lucius Field's production facilities. Production of crude oil and natural gas at the Hadrian North Field commenced in April 2019.

The crude oil and natural gas produced from the two fields are processed at a production facility positioned offshore with a daily processing capacity of approximately 80,000 barrels of crude oil and approximately 4.5 million cubic feet of natural gas, transported and shipped to an onshore facility in the State of Louisiana via subsea pipelines.

INPEX's acquisition of additional interest in the Lucius and Hadrian North fields contributes to the sustainable growth of oil and natural gas E&P activities, one of the business targets outlined in the company's Vision 2040announced in May 2018. INPEX will continue to actively take part in the exploration, development and production of crude oil and natural gas in the Gulf of Mexico.

KeyFacts Energy: INPEX US Gulf of Mexico country profile