Japan’s Inpex has said today it will transfer a 10% share in the Deepwater Block R, offshore Malaysia, to Australia’s Santos.
Santos also separately agreed to acquire a 10% participating interest in the block from JX Nippon Oil & Gas Exploration bringing its total participating interest in the Block to 20%.
Inpex owns a 37.5% participating interest, including the part to be transferred to Santos in the block, where it conducts exploration activities alongside operator JX and Petronas.
The block located in offshore Sarawak, Malaysia, covers an area of 672km2 with a water depth ranging from 100m to 1,400m.
It lies in the area where large reserves of oil and natural gas, such as the Kikeh and the Gumusut-Kakap oil fields were discovered.