INPEX Corporation announced that through its subsidiary, INPEX Offshore Northwest Sabah Ltd, it has reached an agreement to transfer a 25% participating interest in the deepwater Block S to Australia’s Santos.
The block is located offshore East Malaysia, where INPEX Sabah carries out exploration activities as an operator.
The block covers an area of 574 km2, with water depth ranging from 200 m to 1500 m. It lies in the Sabah basin, where large reserves of oil and natural gas, including the Kikeh and Gumusut-Kakap oilfields, have been discovered.
INPEX acquired the block as an operator in January 2012 together with PETRONAS Carigali. Following the acquisition, INPEX Sabah conducted a 3D seismic survey and geological and geophysical studies. Based on the result of the studies, INPEX is planning to drill wildcat wells this year for new discovery of oil and natural gas deposits.
INPEX and Santos are jointly engaged in a number of oil and gas exploration and production activities, including the Bayu-Undan Project in the Joint Petroleum Development Area between Australia and Timor-Leste and several exploration permits adjacent to the Ichthys LNG project in the north-western Australia.
This new agreement will further strengthen the relationship between the two LNG players.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/01092014/inpex-hands-over-offshore-block-to-lng-player-santos-1315/