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Acquisition of Babar Selaru Block, Offshore Indonesia

Source: www.gulfoilandgas.com 11/21/2011, Location: Asia

INPEX CORPORATION (INPEX) is pleased to announce that through its subsidiary INPEX Banda Sea, Ltd. (INPEX Banda), INPEX and Japan Oil, Gas and Metals National Corporation (JOGMEC) have been granted the approval of the Indonesian Government to acquire the 100% participating interest in the Babar Selaru Block (the “Block”) on the Indonesian First Bidding Round 2011. INPEX Banda will conduct the exploration activity as the operator.

INPEX and JOGMEC conducted a joint study (*) for oil and gas exploration in the prospective area in the Eastern part of Indonesia in December 2009, with the permission given by the Indonesian Government. INPEX and JOGMEC further conducted a two-dimensional seismic survey and other exploratory studies until December 2010. Based on the findings of this joint study, the Indonesian Government designated the “Babar Selaru Block” as a potential oil and gas exploration area, which was then offered as one of the open bidding blocks in the Indonesian First Bidding Round 2011.

(*)This joint study is the first case of the application of JOGMEC’s “Cooperative Overseas Field Surveys and Studies Program” (“Cooperative Program”), which is implemented jointly by JOGMEC and a Japanese E&P company. The Cooperative Program, launched in 2007 as a new approach of the overseas surveys and studies, is JOGMEC-led study based upon a proposal offered by a Japanese upstream company and drawn from the company's expertise and knowledge, envisaging that it may pave the way for acquisition of exploration interests.

The Block is located 100km southwest of the Saumlaki City in Tanimbar Islands and covers 8,170km2 with a water depth ranging from 200m to 2000m. Being located 60km northwest of the Abadi gas field in the Masela Block, where INPEX is engaged in developing as the operator, the Block is expected to be a promising area of oil and gas discovery.

INPEX has a 50% interest in the Offshore Mahakam Block with the largest gas production in Indonesia. INPEX is also engaged in developing the large scale Abadi LNG project in the Masela Block, the Arafura Sea, for which INPEX is now preparing for the Front End Engineering and Design (FEED) as the operator. INPEX will continue to expand its exploration and development activities in Indonesia as one of the company’s core business areas.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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