INPEX secures exploration block near Ichthys field

TINNews

INPEX Corporation announced that its subsidiary, INPEX Browse, was awarded an exploration permit for Release Area WA-532-P (the Block) in Australia’s 2016 Offshore Petroleum Exploration Acreage Release.

The Block lies in the vicinity of the Ichthys gas-condensate field, where INPEX is developing the Ichthys LNG Project as operator. The Block, located off the coast of Western Australia, covers an area of 26,300 km2 where the water is approximately 60~250m deep.

INPEX Browse will hold a 100% participating interest in the Block where it will henceforth pursue exploration activities as operator.

The company informed that in the vicinity of the Block, promising gas fields have been discovered and are being developed at multiple blocks in which INPEX holds equity interests. It is expected that the Block is also located in a promising exploration area with a high potential for gas, condensate and oil accumulations.

With the awarding of this exploration permit, the total number of exploration blocks held by INPEX Group companies, including INPEX Browse in the vicinity of the Ichthys Gas-condensate Field, increases to 18.

INPEX’s proactive exploration activities in the vicinity of the Ichthys Gas-condensate Field are aligned to the company’s policy of seeking to expand the future value of the Ichthys LNG Project, and are expected to contribute to the continuous enhancement of the company’s E&P activities, positioned as one of the growth targets outlined in INPEX’s medium- to long-term vision.

Located 220 kilometres offshore Western Australia, the Ichthys field is situated on block WA-285-P in the Browse Basin, Timor Sea. This gas and condensate field represents the largest discovery of hydrocarbon liquids in Australia in 40 years and the project is ranked among the most significant oil and gas projects in the world, involving some of the largest offshore facilities in the industry.

The Ichthys LNG Project is a Joint Venture between INPEX group companies (operator), major partner Total, CPC Corporation Taiwan and the Australian subsidiaries of Tokyo Gas, Osaka Gas, Kansai Electric Power, JERA and Toho Gas.