INPEX Buys Stake in Australia Offshore Block

INPEX of Japan announced that through its subsidiary INPEX Browse it has acquired a 50% participating interest, together with the operatorship, in the exploration block AC/P36 offshore Western Australia from Australian subsidiaries of Murphy Oil Corporation.

This transaction is subject to the satisfaction of certain conditions including approval by the Australian government.

AC/P36 is located approximately 550km north-northeast of Broome, off the coast of Western Australia, and covers an area of 1,950km2, with a water depth ranging from 250m to 500m.

To the south of AC/P36 lie several large gas-condensate fields, including the Ichthys gas-condensate field which INPEX operates and is developing as the large-scale Ichthys LNG Project, and the Prelude and Concerto gas fields which INPEX and Shell are developing as the Prelude FLNG Project.

Being operator of AC/P36, INPEX Browse will significantly contribute to further exploration work by utilizing the experience it has accumulated in the Ichthys LNG Project.

INPEX Browse will operate AC/P36 with a 50% participating interest while Murphy holds the remaining 50% participating interest, and plans to carry out exploration activities including drilling of one exploratory well.

[mappress]

LNG World News Staff, June 28, 2012