Inpex Joins ZY, BT Blocks Exploration in Russia
INPEX announced that the company and ITOCHU participated in the bid held by Japan Oil, Gas and Metals National Corporation (JOGMEC) for the sale of part of its share (340 shares, 100%) in its wholly-owned subsidiary, Japan South Sakha Oil Co (JASSOC). JASSOC has been conducting exploration works in the Zapadno-Yaraktinsky block (ZY block) and the Bolshetirsky block (BT block) in Irkutsk Oblast, Russian Federation.
Consequently INPEX and ITOCHU were successful to own 42 shares (12.4%) and 43 shares (12.6%), respectively, of JASSOC shares.
ZY block and BT block are onshore blocks located approximately 700km north of Irkutsk city and cover the area of 4,835km2 and 3,307km2. JASSOC has been conducting exploration works in these blocks through INK-Zapad, and discovered oil and natural gas at exploratory wells. INPEX, JOGMEC and ITOCHU will further conduct exploration works for possible development. INK-Zapad is a joint venture between JASSOC 49% and Irkutsk Oil Company (INK) 51%.
As addressed in the “Medium-to Long-Term Vision of INPEX,” INPEX has been enhancing E&P activities globally and acquiring ZY block and BT block will enable INPEX to have an opportunity to expand its activities in Russia, where large-scale reserves of oil and gas are expected.
LNG World News Staff, September 24, 2013; Image: Inpex