JOGMEC backs Block R exploration (Malaysia)

JOGMEC has announced that it will provide equity financing to JX Nippon Oil & Gas Exploration (Deepwater Sabah) Limited and INPEX Offshore South West Sabah Limited, established by JX Nippon Oil & Gas Exploration Corporation (JX) and INPEX CORPORATION (INPEX) respectively, which acquired participating interests in the exploration Deepwater Block R offshore East Malaysia.

According to JOGMEC, the estimated amount of equity financing is approximately JPY 22.6 Billion ($189.8 million).

In January 2012, JX and INPEX announced they have entered into a Production Sharing Contract and started the exploration activities for the block through their subsidiaries. The subsidiaries hold 27.5% interest respectively and the remaining 45% interest is held by SANTOS SABAH BLOCK R LIMITED (20%) and PETRONAS CARIGALI SDN. BHD (25%), the exploration and production subsidiary of PETRONAS, the national oil company of Malaysia.

JOGMEC will provide equity capital up to 50% covering the exploration expenditures incurred by the subsidiaries of JX and INPEX for the project.

A number of oil and gas fields have been discovered offshore East Malaysia, and this Block is also considered to have large potential, JOGMEC emphasized in the statement.

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply