Inpex has agreed to transfer 10% of its participating interest in the Deepwater Block R, offshore East Malaysia, to Santos Sabah Block R.

The block covers an area of 672km² with a water depth ranging from 100m to 1,400m.

It is situated in the area where vast reserves of oil and natural gas, including the Kikeh and the Gumusut-Kakap oil fields were identified.

Santos Sabah Block R has also agreed to acquire a 10% participating interest in the block from JX Nippon Oil & Gas Exploration (Deepwater Sabah).

"The deals bring Santos’s total participating interest in the block to 20% after the completion of due procedures."

The deals bring Santos’s total participating interest in the block to 20% after the completion of due procedures.

Inpex subsidiary Inpex Offshore South West Sabah presently owns a 37.5% participating interest in the block.

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By GlobalData

The company performs exploration activities alongside operator JX and Petronas Carigali.

The block is also located close to Deepwater Block S, where Inpex Offshore North West Sabah undertakes exploration activities as operator.

The company has also transferred a portion of its participating interest in block S to Santos Sabah Block S in September 2014.

Inpex and Santos are jointly undertaking various oil and gas exploration and production activities such as the Bayu-Undan project in the Joint Petroleum Development Area between Australia and Timor-Leste.

The companies are also working on several exploration permits near the Ichthys LNG project in the north-western Australia.