INPEX awarded Exploration Block AC/P66 in the North West Shelf, Australia
INPEX has announced that through a subsidiary, it was awarded an exploration permit for Release Area AC/P66 as Operator in Australia’s 2018 Offshore Petroleum Exploration Acreage Release.
The Block is located in the Bonaparte Basin of the North West Shelf of Australia and covers a surface area of 3,460 sqkm. The Block’s water depth ranges between approximately 60 and 500 meters. The Block lies in the vicinity of discovered and developed oil fields including the Laminaria oil field, and is considered to be a promising area where further hydrocarbon discoveries are believed possible. INPEX will hold a 100% participating interest in the Block where it will henceforth pursue exploration activities.
The “sustainable growth of oil and natural gas E&P activities” is one of the company’s goals Location of Exploration Block AC/P66 outlined in Vision 2040, and the North West Shelf of Australia is positioned as one of INPEX’s priority exploration areas. The awarding of the Block is aligned to INPEX’s strategic policies.
INPEX is involved in multiple oil and natural gas development projects in Australia including the Ichthys LNG Project, of which it is the Operator, and will continue to proactively pursue business development opportunities in the country.
The impact of this development on the company’s consolidated financial results is minimal.