JOGMEC Provides Equity Financing to INPEX's Exploration Project offshore Malaysia
JOGMEC (President: Hirobumi Kawano) announced today that it will provide equity financing to INPEX OFFSHORE NORTH WEST SABAH, LTD., established by INPEX CORPORATION (“INPEX”), which acquired an operating interest in the exploration Deepwater Block S offshore Sabah, Malaysia .
In January 2012, INPEX announced it has entered into a Production Sharing Contract for the Block S through its wholly owned subsidiary, INPEX OFFSHORE NORTH WEST SABAH, LTD., and commenced the exploration activities as an operator. The INPEX subsidiary holds 50% interest at the present, and the remaining 50% interest is held 25% each by SANTOS SABAH BLOCK S LIMITED and PETRONAS CARIGALI SDN. BHD, the exploration and production subsidiary of the national oil company of Malaysia, PETRONAS.
JOGMEC will provide equity capital up to 50% covering the exploration expenditures incurred by the INPEX subsidiary for the project.
A number of oil and gas fields have been discovered offshore Sabah, and this Block is also considered to have large potential. JOGMEC’s support will further enhance INPEX’s upstream activities in Malaysia being one of its focusing areas as well as reinforce Japan’s energy security when successful.
|| INPEX OFFSHORE NORTH WEST SABAH, LTD.
|Date of Establishment
||January 4, 2012
||Mr. Kenji Kawano
|Shareholders after JOGMEC's funding
||INPEX (Voting rights more than 50%)
JOGMEC (Voting rights less than 50%)
|INPEX OFFSHORE NORTH WEST SABAH, LTD.*
|SANTOS SABAH BLOCK S LIMITED
|PETRONAS CARIGALI SDN. BHD
|Date of Approval
||Oct 3, 2014
|Estimated Amount of Equity Financing
||approximately JPY 12.3Billion
Approval has been made in accordance with JOGMEC’s technical, economic, and business-environment criteria and the consent from the Minister of Economy, Trade and Industry has been obtained.
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