INPEX farms out in Babar Selaru Block

By Romel S. Gurky

Japan?s oil and gas firm Inpex Corporation (INPEX) reported that its subsidiary Inpex Babar Selaru, Ltd has reached an agreement to transfer a 15 percent participating interest in the Babar Selaru Block, offshore Indonesia, to PT Pertamina Hulu Energi Babar Selaru, a subsidiary of state oil and gas firm PT Pertamina (Pertamina).

This transaction is subject to the fulfillment of certain conditions, including an approval from the Indonesian government, INPEX said in a press statement on Tuesday.

The block is located 1,400km southwest of Saumlaki city in the Tanimbar Islands and covers 8,170km square with a water depth ranging from 200m to 2,000m. INPEX acquired the Block, together with the Japan Oil, Gas and Metals National Corporation, in November 2011. The joint venture participants, for which INPEX acts as the Operator and retains an 85 percent participating interest and Pertamina holds a 15 percent participating interest, are conducting a 3D seismic survey for the new discovery of oil and natural gas in the block.

Editing by Benget Besalicto Tnb.