Japan’s largest exploration and production (E&P) company Inpex has bolstered its hydrocarbon exploration portfolio with a block pair off the coast of Indonesia.
Inpex’s wholly owned subsidiaries, Inpex West Agung and Inpex East Agung, have acquired 50% participating interests each in the Agung I and Agung II exploration blocks from BP Agung I and BP Agung II, respectively.
Located in offshore waters of Eastern Java in Indonesia, where multiple gas and oil fields have been discovered, these blocks are situated near the Barong and Serpang blocks, in which the Japanese firm already owns participating interests.
As a result, the acquisition of these two blocks is expected to enable the company to conduct area-wide exploration activities across offshore waters of Eastern Java, where diverse plays are anticipated.
Since the blocks are situated across multiple provinces where stable energy demand is anticipated over the medium to long term, exploration could lead to efficient development and production.
This acquisition comes months after Inpex struck a deal with TotalEnergies to acquire an 85% interest in Block 2E offshore Malaysia, representing a net interest of 8.5% in the Shell-operated Marjoram gas field currently under development.