The Japanese firm is acquiring the stake in the license through its subsidiary Inpex Norge.
PL76 license, which is situated in the western Barents Sea around 120km offshore Norway, includes a surface area of 211km² with water depth ranges between 300m and 400m.
Inpex intends to evaluate the possibility of discovering hydrocarbon deposits through exploration activities, after the completion of required administrative procedures involving Norwegian government authorities and Lundin Norway.
According to Inpex, oil and gas fields estimated to hold several hundred million barrels of oil equivalent have been discovered in succession in the Barents Sea in recent years.
Inpex Norge is engaged in the oil and natural gas exploration and development activities in Norway.
Currently, Inpex is involved in around 70 projects in more than 20 countries, including the Ichthys LNG Project in Australia as operator.
The company carries out operations in Japan, Indonesia, Australia, Eurasia, Americas, as well as Middle East and Africa
In June, Inpex divested its 0.1% participating interest in Block PDL3 (production bock) in Papua New Guinea to Kumul Petroleum Holdings (KPHL).
The stake was held by Southern Highlands Petroleum, in which Inpex holds a 10% share. Other investors of Southern Highlands have also agreed to the proposal.
