JOGMEC provides Inpex with equity financing for Malaysia deepwater exploration

Submitted by Paddy Harris on Wed, 2015-02-11 11:10

11th February 2015

JOGMEC (Japan Oil, Gas and Metals National Corporation) has announced that it will provide equity financing to Inpex Offshore North West Sabah, Ltd., a subsidiary of Inpex Corporation, which acquired an operating interest in the exploration Deepwater Block S offshore Sabah, Malaysia

JOGMEC will provide equity capital up to 50 per cent covering the exploration expenditures incurred by the Inpex subsidiary for the project

In January 2012, Inpex entered into a Production Sharing Contract for the Block S through its wholly owned subsidiary, Inpex Offshore North West Sabah, Ltd., and commenced the exploration activities as an operator.

The Inpex subsidiary holds 50 per cent interest at the present, and the remaining 50 per cent interest is held 25 per cent each by Santos Sabah Block S Limited and Petronas Carigali Sdn. Bhd, the exploration and production subsidiary of the national oil company of Malaysia, Petronas.

JOGMEC will provide equity capital up to 50 per cent covering the exploration expenditures incurred by the Inpex subsidiary for the project.

A number of oil and gas fields have been discovered offshore Sabah, and this block is also considered to have large potential.

JOGMEC’s support will further enhance Inpex’s upstream activities in Malaysia being one of its focusing areas as well as reinforce Japan’s energy security when successful.