JOGMEC to finance part of Inpex’s Timor Sea exploration costs

Japanese JOGMEC will provide equity financing for Timor Sea exploration costs to its compatriot oil company Inpex.

The financing is related to exploratory works in the JPDA11-106 Contract Area of the Joint Petroleum Development Area in the Timor Sea, joinly administered by Timor Leste and Australia.

Eni is the operator with 40.53 percent interest, while TIMOR GAP, Timor Leste’s national oil company owns 24 percent. Inpex, through a subsidiary INPEX Offshore Timor-Leste, Ltd owns 35,47 percent share in the Timor Sea block.

JOGMEC said it would provide equity capital covering up to 50% of the exploration expenditures incurred by INPEX Offshore Timor-Leste. Jogmec is expected to invest approximately JPY 5.3 billion, or around $47 million U.S. dollars.

“This project is expected to accelerate the diversification of Japan’s crude oil import source if successful. In addition, JOGMEC’s support to INPEX Offshore Timor-Leste will enrich INPEX’s upstream portfolio in one of its priority areas encompassing the Ichthys LNG Project in Australia (JOGMEC’s completion guarantee programme) and the Abadi LNG Project in Indonesia (JOGMEC’s equity capital programme),” JOGMEC said.


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. 

If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.

Related news

List of related news articles