Japan’s Inpex completed a farm-out agreement with Indonesia’s state-owned Pertamina for a 15% stake in a deepwater block next to its large Abadi gas field in the Arafura Sea offshore Indonesia.
Inpex said that, through its subsidiary Inpex Babar Selaru Ltd., it reached agreement to transfer the participating interest in the Babar Selaru Block to PT Pertamina Hulu Energi Babar Selaru, a subsidiary of Pertamina. The transaction is subject to the satisfaction of certain conditions, including Indonesian Government approval.
The block is located 100 km southwest of Saumlaki City in the Tanimbar Islands, and covers 8,170 sq km with water depths ranging from 200-2,000 m (656-6,562 ft).
Inpex acquired the block, together with the Japan Oil, Gas and Metals National Corporation, in November 2011. The joint venture participants, for which Inpex acts as operator and retains an 85% participating interest, are conducting a 3D seismic survey in the block.
Inpex added that the “strengthening partnership” between itself and Pertamina will lead to successful exploration and safe operations in the block, and to the future expansion of Inpex activity in Indonesia.
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