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JOGMEC Provides Equity Financing to INPEX’s Exploration Project

Source: www.gulfoilandgas.com 4/12/2019, Location: Not categorized

Japan Oil, Gas and Metals National Corporation (JOGMEC) announced that it will provide equity financing to INPEX Offshore Timor-Leste, Ltd. (INPEX Offshore Timor-Leste), a wholly owned subsidiary of INPEX CORPORATION (INPEX).

INPEX Offshore Timor-Leste holds a 35.47% participating interest in the JPDA11-106 Contract Area of the Joint Petroleum Development Area in the Timor Sea, which is jointly administered by the Democratic Republic of Timor-Leste and Commonwealth of Australia.

The operating 40.53% interest is held by Eni JPDA 11-106 B.V. (Operator) and a subsidiary of TIMOR GAP, E.P., Timor-Leste’s National Oil Company, owns the remaining 24%.

JOGMEC will provide equity capital covering up to 50% of the exploration expenditures incurred by INPEX Offshore Timor-Leste.

This project is expected to accelerate the diversification of Japan’s crude oil import source if successful. In addition, JOGMEC’s support to INPEX Offshore Timor-Leste will enrich INPEX’s upstream portfolio in one of its priority areas encompassing the Ichthys LNG Project in Australia (JOGMEC’s completion guarantee programme) and the Abadi LNG Project in Indonesia (JOGMEC’s equity capital programme).

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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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