Inpex Browse will have a 100% stake in the awarded WA-532-P block where it will carry out exploration activities as an operator. The block covers an area of 26,300km2 and is contained in water depth of around 60-250m.
According to Inpex, the WA-532-P block is surrounded by promising gas fields. The Japanese company which holds equity stakes in them says that the gas discoveries are being developed at multiple blocks.
Inpex is expecting the newly acquired block to be in a promising exploration region having a high possibility of gas, condensate and oil reserves.
In particular, the block is closely located to the Ichthys gas-condensate field. Inpex is developing the Ichthys LNG Project as operator with an investment of $34bn along with partners Total, CPC Corporation Taiwan and subsidiaries of Tokyo Gas, Osaka Gas, Kansai Electric Power, JERA and Toho Gas.
Upon its completion, the Ichthys LNG Project is estimated to have an annual production of 8.9 million tonnes of LNG to go along with 1.6 million tonnes of LPG and a daily production of more than 100,000 barrels of condensate.
With the new block, Inpex has taken the number of exploration blocks in the vicinity of the Ichthys Gas-condensate Field it holds to 18.
The company, in a statement, said: “Inpex’s proactive exploration activities in the vicinity of the Ichthys Gas-condensate Field are aligned to the company’s policy of seeking to expand the future value of the Ichthys LNG Project, and are expected to contribute to the continuous enhancement of the company’s E&P activities, positioned as one of the growth targets outlined in Inpex’s medium- to long-term vision.”
