INPEX CORPORATION (INPEX) announced today that it has completed the sale of all of its interests in Offshore Northwest Java Block (*) and Offshore Southeast Sumatra Block (**) to PT Pertamina Hulu Energi, the subsidiary of PT Pertamina, Indonesia.
INPEX participated in Offshore Northwest Java Block and Offshore Southeast Sumatra Block in 1986 and these blocks have since contributed to INPEX’s global oil and gas production. However, considering the need to optimize and rationalize the asset portfolio in Indonesia, INPEX decided to sell all the interests in these blocks by selling the shares of INPEX Jawa, Ltd. (***)
INPEX has been expanding its exploration and development activities in Indonesia as one of its international core business areas. INPEX is conducting production activity in the Offshore Mahakam Block with the largest gas production in Indonesia. INPEX is also in the process of developing the large scale Abadi LNG project in the Masela Block, the Arafura Sea, for which INPEX is now preparing for the Front End Engineering and Design (FEED) as the Operator. INPEX will futher endeavour to expand upstream exploration and production in Indonesia.
(*) INPEX Jawa, Ltd. holds a 7.25% participating interest in Offshore Northwest Java Block.
(**) INPEX Sumatra, Ltd. holds a 13.067444% participating interest in Offshore Southeast Sumatra Block.
(***) The shares of INPEX Jawa, Ltd. are held by INPEX CORPORATION (83.5%), Shoseki Overseas Oil Development Co., Ltd (12.5%) and JX Nippon Oil & Gas Exploration Corporation (4%).
(***) INPEX Jawa, Ltd. holds 100% of the shares of INPEX Sumatra, Ltd.
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Source: INPEX,September 30, 2010,