INPEX CORPORATION (INPEX) announced that it has sold all the interests held through INPEX Offshore North Campos Ltd. (INPEX Campos) to PetroRio, an independent Brazilian oil and natural gas company, thereby withdrawing from oil development and production activities (the Project) in the Frade field located approximately 370 kilometers northeast of Rio de Janeiro, Brazil.
INPEX was formerly involved in the Project through its subsidiary, INPEX Campos that INPEX established in partnership with Sojitz Corporation (Sojitz) and Japan Oil and Gas and Metals National Corporation (JOGMEC).
The Project, which INPEX joined in 1999, reached a final investment decision to develop the Frade field in 2006 and commenced production in 2009. Thereafter, the natural depletion of the Frade field combined with changes in the business environment due to factors such as the oil price downturn put a limitation on the Project’s ability to contribute financially to the INPEX Group. INPEX therefore decided to sell all its interests in the Project with a view to optimize the INPEX Group’s global asset portfolio.
The impact of this matter on INPEX’s consolidated financial results is minimal.
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