JX Nippon, INPEX get offshore Malaysia exploration funding

Offshore staff

TOKYO – Japan Oil, Gas and Metals Corp. (JOGMEC) has agreed to provide equity financing to JX Nippon Oil & Gas Exploration (Deepwater Sabah) Ltd. and INPEX Offshore South West Sabah Ltd. for as much as 50% of the cost for exploration in deepwater block R offshore East Malaysia.

JX and INPEX have a production-sharing contract and commenced the exploration activities for the block through their subsidiaries, namely JX Nippon Oil & Gas Exploration (Deepwater Sabah) Ltd. (operator) and INPEX Offshore South West Sabah Ltd. The subsidiaries hold 27.5% interest respectively and the remaining 45% interest is held by Santos Sabah Block R Ltd. (20%) and Petronas Carigali Sdn Bhd (25%).

02/24/2015

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