Inpex Corp: Inpex to acquire minority share in Browse

Japan’s INPEX has acquired a 40% participating interest in the offshore WA-502-P block in Western Australia, following the 2013 Australian Offshore Petroleum Acreage Release. The permit was granted to INPEX Browse E&P Pty Ltd, a subsidiary of INPEX, with Santos retaining a 60% stake and operating the block. The WA-502-P block is situated approximately 475 kilometers north-northeast of Broome, covering an area of 581 square kilometers in water depths ranging from 400 to 500 meters. The block is strategically located near the Ichthys gas-condensate field, where INPEX is already engaged in the Ichthys LNG Project, one of its core global initiatives. The area is known for significant gas reserves, including the nearby Ichthys, Prelude, and Concerto fields. INPEX has also been involved in the development of the Prelude and Concerto fields using Floating LNG (FLNG) technology. The WA-502-P block is adjacent to the WA-274-P block, where the Crown gas discovery was made in 2012. INPEX stated that the acquisition supports its strategic focus on expanding exploration and development activities in the Asia-Oceania region.