INPEX Corporation announced that through its subsidiary INPEX BABAR SELARU, LTD. it has reached agreement to transfer a 15% participating interest in the Babar Selaru Block, Offshore Indonesia, to PT Pertamina Hulu Energi Babar Selaru, a subsidiary of PT Pertamina.
This transaction is subject to the satisfaction of certain conditions, including Indonesian Government approval.
The Block is located 1,400km southwest of Saumlaki City in the Tanimbar Islands and covers 8,170km2 with a water depth ranging from 200m to 2,000m.
INPEX acquired the Block, together with the Japan Oil, Gas and Metals National Corporation, in November 2011.
The joint venture participants, for which INPEX acts as the Operator and retains an 85% participating interest while Pertamina holds a 15% participating interest, are conducting a 3D seismic survey for the new discovery of oil and natural gas in The Block.
LNG World News Staff, May 14, 2013; Image: INPEX