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INPEX awarded two exploration licences in Norway

Published by , Editorial Assistant
Oilfield Technology,

INPEX CORPORATION (INPEX) has announced that through its subsidiary INPEX Norge AS, it has been awarded exploration licenses PL1027 located in the western Barents Sea offshore and PL1016 located in the northern Norwegian Sea offshore the Kingdom of Norway as part of Norway’s Awards in Predefined Areas (APA) 2018 licensing round. The annual APA licensing rounds aim to promote the further exploration of blocks in previously explored, mature areas by allowing tenders to be submitted for any acreage within predefined areas where licenses have not been awarded.

The licenses provide the groundwork for INPEX’s third and fourth exploration projects in Norway following the company’s acquisition of exploration license PL950 in 2018, and are expected to contribute to the further enhancement of INPEX’s global project portfolio.

INPEX will next follow the required administrative procedures involving Norwegian government authorities, the operators of the licenses and partners prior to assessing the possibility of discovering hydrocarbon deposits through exploration activities.

PL1027 is located in the western Barents Sea approximately 250 km offshore Norway and covers a surface area of approximately 1220 km2 where the water depth is approximately 440 m.

PL1016 is located in the northern Norwegian Sea approximately 250 km offshore Norway and covers a surface area of approximately 1310 km2 where the water depth ranges between approximately 350 and 1000 m.

Additionally and also as a part of the APA 2018 licensing round, INPEX was awarded a 40% participating interest in exploration license PL767B, an extension area to exploration license PL767 in which INPEX acquired a 40% interest in 2017.

The acquisition of these licenses is aligned to INPEX’s pursuit of the ‘sustainable growth of oil and natural gas E&P activities’, one of the growth targets outlined in the company’s ‘VISION 2040’ announced in May 2018.

Through INPEX Norge AS, which it established in 2014, INPEX will continue to proactively pursue full-scale oil and natural gas exploration and development activities in Norway.

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