Inpex Granted New Exploration Licence Offshore Shetland

Japan’s oil company Inpex has announced it was successful in the 27th Seaward Licensing Round in UK, and was granted an offshore Exploration Licence P2019 in the North Sea, jointly with Centrica Resources Limited  Centrica), a subsidiary of Centrica plc, a UK-listed energy company and Statoil (U.K.) Limited (Statoil), a subsidiary of Statoil ASA, a Norwegian-listed oil company, in addition to the earlier awarded two licensces in the Round.

The P2019 Licence is located offshore approximately 60km northwest of Shetland Island, to the north of the earlier awarded two Licences. The licence is Operated by Centrica who have a 35% participating interest while INPEX holds a 30% participating interest and Statoil holds a 35% participating interest respectively in the same manner as the existing two Licences. The Joint venture plans to carry out seismic interpretation to explore for oil and  natural gas in these Licences.

The offshore area near the Shetland Islands, where the Licences INPEX acquired lie, is an area scarcely explored and INPEX hopes for a significant oil and natural gas discovery. The success of this project should 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.

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Press Release, October 24, 2013