Inpex Clinches Stake in Three New Exploration Blocks (UK)

Inpex Clinches Stake in Three New Exploration Blocks (UK)

Japan’s INPEX announced that in the 27th Seaward Licensing Round in UK, the company won three offshore exploration blocks in the North Sea jointly with Centrica Resources Limited (Centrica), a subsidiary of Centrica plc, a UK gas and electricity company and Statoil (U.K.) Limited (Statoil), a subsidiary of Statoil ASA, a Norwegian oil company.

The three Exploration Blocks awarded consist of 214/28, 214/29 and 214/30b located offshore approximately 60km northwest of Shetland Island. Centrica will conduct exploration activities as Operator, retaining a 35% participating interest while INPEX holds a 30% participating interest and Statoil holds a 35% participating interest, respectively. Joint ventures plan to carry out seismic work etc. to explore for the new discovery of oil and/or natural gas in the Blocks.

The offshore area near Shetland Island, where the Blocks INPEX won lie, is the area where not many exploration activities have been conducted, and significant oil and natural gas discovery is expected.

“The success of this project will enhance INPEX’s asset portfolio and add to INPEX’s production volumes and reserves along the line with its “Medium- to Long-Term Vision of INPEX” announced in May 2012. INPEX hopes to further conduct exploration and development activities,” said INPEX in a press release.

Press Release, October 29, 2012