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INPEX Enters Into New Production Sharing Contracts with the Timor-Leste Government

Source: www.gulfoilandgas.com 9/2/2019, Location: Not categorized

INPEX CORPORATION (INPEX) has, through its subsidiaries, entered into new production sharing contracts (PSC) with the government of Timor-Leste governing its projects in the former Joint Petroleum Development Area (JPDA) between Australia and Timor-Leste, in light of the delimitation of the maritime boundaries between Australia and Timor-Leste.

The Australian and Timor-Leste governments signed the maritime boundary treaty in March 2018. Following the ratification of the treaty, the JPDA has transitioned to Timor-Leste's exclusive maritime jurisdiction, and old PSCs under the JPDA framework have been terminated.

INPEX is currently involved in three projects within Timor-Leste's exclusive maritime jurisdiction including development of the Bayu-Undan Gas Condensate Field. The three projects will continue to be operated under terms equivalent to the previous arrangements.

The impact of this matter on the companyís consolidated financial results is nil.

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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 

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