INPEX to invest $4 bln to develop Timor Sea gas field

Japan's oil and gas firm INPEX Holdings Inc. will invest US$4 billion to develop LNG plant in Masela offshore gas block in Timor sea, capable of producing 3 MTPA of LNG , Japanese business daily Nihon Keizai reported on Wednesday.

The newspaper said test drilling will start next year to confirm the reserves, with production to seen to begin in 2015.

Inpex has 100 percent interest in Masela block.

It will submit a production plan to the Indonesian government in 2008 for approval and ask other major international oil companies to participate in the project to diversify risk, the paper said.(*)