Japanese JOGMEC will provide equity financing for Timor Sea exploration costs to its compatriot oil company Inpex.
The financing is related to exploratory works in the JPDA11-106 Contract Area of the Joint Petroleum Development Area in the Timor Sea, joinly administered by Timor Leste and Australia.
Eni is the operator with 40.53 percent interest, while TIMOR GAP, Timor Leste’s national oil company owns 24 percent. Inpex, through a subsidiary INPEX Offshore Timor-Leste, Ltd owns 35,47 percent share in the Timor Sea block.
JOGMEC said it would provide equity capital covering up to 50% of the exploration expenditures incurred by INPEX Offshore Timor-Leste. Jogmec is expected to invest approximately JPY 5.3 billion, or around $47 million U.S. dollars.
“This project is expected to accelerate the diversification of Japan’s crude oil import source if successful. In addition, JOGMEC’s support to INPEX Offshore Timor-Leste will enrich INPEX’s upstream portfolio in one of its priority areas encompassing the Ichthys LNG Project in Australia (JOGMEC’s completion guarantee programme) and the Abadi LNG Project in Indonesia (JOGMEC’s equity capital programme),” JOGMEC said.
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