Japanese oil company Inpex has announced the discovery of oil at the Bestari-1 exploration well in Deepwater Block R, East Malaysia.
Preliminary findings in Deepwater Block R showed an approximately 70m column of oil-bearing sands across multiple locations.
The block covers a 672km² area, with a water depth ranging from 100m to 1,400m.
Inpex highlighted that it has a participating interest of 27.5% in Block R through its wholly-owned subsidiary, Inpex Offshore South West Sabah.
Japan’s JX Nippon has a 27.5% operating interest in the block, with Malaysia’s Petronas holding a 25% interest, and Santos Sabah Block R Limited holding a 20% interest.
The Japanese oil company highlighted that moving forward, the company, along with its partners, will analyse and evaluate the data retrieved from the well.
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After analysing the data, the company plans to proceed with drilling of two exploratory wells in order to assess the possibility of new oil and natural gas deposits.
Inpex stated: "Japan Oil, Gas and Metals National Corporation would cover up to 50% of exploration expenditure incurred by Inpex Offshore South West Sabah, Ltd. through equity capital."
Inpex has more than 70 active projects across 25 countries.