Inpex said that its subsidiary, Inpex Browse E&P Pty Ltd, has been granted Release Area WA-502-P as an exploration permit following the 2013 Australian Offshore Petroleum Acreage Release.
Inpex Browse will hold a 40% participating interest in the Block while Santos will hold a 60% participating interest as an operator.
The Block will constitute INPEX’s 10th exploration permit close to the Ichthys gas-condensate field where INPEX group companies conduct its development as an operator.
The Block is approximately 475km north-northeast of Broome, off the coast of the state of Western Australia, and covers an area of 581km2 with a water depth of approximately 400m to 500m.
Large gas reserves have been discovered southeast of the Block in the Ichthys gas-condensate field, the Prelude and the Concerto gas fields.
Participation in the development of the Block will enhance INPEX’s exploration and development activities in Asia-Oceania as one of its core business areas. Focusing on exploration activities close to the Ichthys gas-condensate field is a core goal to maximise the potential of INPEX’s most important ongoing global project, the Ichthys LNG Project.
Press Release, May 16, 2014