Inpex has entered an agreement with Bayerngas Norge to acquire a 40% participating interest in PL767 exploration licence in the western Barents Sea, Norway, for an undisclosed sum.
The acquisition was made through Inpex’s subsidiary Inpex Norge, and represents the company’s first project in Norway. The agreement is expected to strengthen the company's global project portfolio.
The licence area is nearly 120km offshore Norway, covering 211km², in water depths of between 300m and 400m.
After completing all necessary administrative procedures involving Norwegian Government authorities and licence operator Lundin Norway, Inpex intends to conduct exploration activity.
Through Inpex Norge, Inpex also plans to continue its oil and natural gas exploration and development activities to evaluate the possibility of discovering hydrocarbon deposits in Norwegian region.
Since the 1960s, oil and natural gas exploration activities increased significantly in the Norwegian North Sea discovering several large-scale oil and gas resources.
From the North Sea, exploration campaigns have expanded to the Norwegian Sea and Barents Sea.
According to an estimate, oil and gas fields in the Barents Sea contain several hundred million barrels of oil equivalent.
Currently, Japanese company Inpex is engaged in nearly 70 projects across 20 countries. The company also operates the Ichthys LNG Project in Australia.