Inpex lands Indonesian block

Japanese heavyweight: Inpex has been awarded a 100% interest in the Babar Selaru Block off Indonesia

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Josh Lewis

, Josh Lewis

 21 November 2011 09:37 GMT

Japanese giant Inpex has been awarded the offshore Babar Selaru Block in Indonesia’s 2011 first bidding round.

The award followed a joint study by Inpex and Japan, Oil, Gas & Metals National Corporation (Jogmec) in December 2009. The duo also carried out a 2D seismic shoot and other exploratory studies through 2010 in the prospective Banda Outer Arc, off eastern Indonesia, which led the Indonesian government to declare the block as a potential oil and gas exploration area.

Jogmec will continue to be involved in the block by providing ¥16.1 billion ($209.6 million) in equity financing which will cover up to 75% of the exploration costs between 2011 and…

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