Japanese exploration and production company Inpex has divested its tight oil assets in the Eagle Ford play in Texas to Spanish energy company Repsol.
The financial terms of the deal were undisclosed.
Since 2019, Inpex held several tight oil development and production assets in the Eagle Ford play through its subsidiary, Inpex Americas.
The majority of these assets are in Karnes County, Texas, and are considered to be highly prospective for crude oil within the Eagle Ford shale play.
As the operator of most of the project, Inpex Americas was responsible for the development, production, and marketing of tight oil.
The Japanese firm has decided to offload these assets ‘to optimise the Inpex Group’s global asset portfolio’.
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Inpex, which owns several oil and gas assets globally, including in Norway, Azerbaijan, and the Middle East, said that the impact of the sale on its consolidated results would be ‘minimal’.
Last month, Inpex said it aims to boost liquefied natural gas (LNG) production and sales in the mid-term to capitalise on a tighter LNG market, reported Reuters.
In 2022, Reuters reported that Inpex was looking to sell its Lucius stake and assets in the Eagle Ford, Texas, as part of its effort to move away from North America and reorganise its portfolio.
With the sale, the firm also intends to shift its focus to its core geographic areas including Australia, Indonesia, the Middle East, Norway, and Japan, reported the news agency, citing Inpex managing executive officer Daisuke Yamada as saying during a news conference.