JOGMEC informed that it will provide equity financing to Inpex Offshore North West Sabah, established by Inpex Corporation, which acquired an operating interest in the exploration Deepwater Block S offshore Sabah, Malaysia.
In January 2012, Inpex entered into a Production Sharing Contract for the Block S through its wholly owned subsidiary, Inpex Offshore North West Sabah and commenced the exploration activities as an operator. The Inpex unit holds 50% interest at the present, and the remaining 50% interest is held 25% each by Santos Sabah Block S and Petronas Carigali, the exploration and production subsidiary of the national oil company of Malaysia, Petronas.
JOGMEC said in a statement it will provide equity capital up to 50% covering the exploration expenditures incurred by the Inpex subsidiary for the project.
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Image: Inpex