Japanese E&P company Inpex has been awarded an exploration permit for Release Area WA-533-P in Australia’s 2017 Offshore Petroleum Exploration Acreage Release.
Inpex said on Monday that the WA-533-P block was awarded to its subsidiary Inpex Browse E&P Pty Ltd.
Inpex Browse will hold a 100 percent participating interest in the block where it will, later on, pursue exploration activities.
The block is located off the northern coast of Western Australia and covers a surface area of 12,402 square kilometers. The water depth in the block ranges between 50 and 600 meters.
The WA-533-P block lies on an offshore extension of the onshore Canning Basin in Western Australia where promising oil and gas fields have been discovered and developed. According to Inpex, the block is considered to be located in a highly promising exploration area where oil discoveries are expected.
With the awarding of this exploration permit, the total number of offshore exploration blocks held by the Inpex Group of companies in Australia increases to 22.
“Inpex’s proactive exploration activities in Australia 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,” the company said.
The company added that it would continue to proactively pursue business development opportunities in Australia and the Asia-Oceania region.