INPEX Offshore East India, a wholly-owned subsidiary of Inpex Corporation, has signed a farm-in agreement with Oil and Natural Gas Corporation (ONGC) to acquire a 26% participating interest in exploration block KG-DWN-2004/6, offshore of India.
The block, located in the deep waters of the Krishna Godavari Basin in the Bay of Bengal, covers an area of 10,907km with a water depth of about 3,000m.
Under the terms of the deal, ONGC, India's state-owned oil and gas company, will continue to operate the block with a 34% interest, while INPEX will hold a 26% stake in the project.
The other partners of the joint venture include GAIL (India), Gujarat State Petroleum Corporation, Hindustan Petroleum Corporation and Oil India, which each own ten percent interest in the block.
The agreement is subject to certain conditions, including Indian Government approval, the company said.
In the Krishna Godavari Basin, several oil and gas fields were discovered through aggressive exploration work during the 1990s and the block is expected to have large scale reserves of oil and natural gas.
Two-dimensional and three-dimensional seismic data has already been processed and exploratory well drilling is also likely to begin in the block soon.
This is the first time Inpex is participating in oil and gas exploration activities in India since the business integration between the former Inpex and Teikoku Oil Company in 2008, which it believes will contribute to continuous enhancement of its E&P activities.
Japan-based Inpex Corporation is engaged in the energy supply business on a global scale, and its operations include the acquisition of license blocks for oil and gas fields, exploration, production and the sale of processed products.
"ONGC, India's state-owned oil and gas company, will continue to operate the block with a 34% interest, while INPEX will hold a 26% stake."
Under the terms of the deal, ONGC, India's state-owned oil and gas company, will continue to operate the block with a 34% interest, while INPEX will hold a 26% stake in the project.
The other partners of the joint venture include GAIL (India), Gujarat State Petroleum Corporation, Hindustan Petroleum Corporation and Oil India, which each own ten percent interest in the block.
The agreement is subject to certain conditions, including Indian Government approval, the company said.
In the Krishna Godavari Basin, several oil and gas fields were discovered through aggressive exploration work during the 1990s and the block is expected to have large scale reserves of oil and natural gas.
Two-dimensional and three-dimensional seismic data has already been processed and exploratory well drilling is also likely to begin in the block soon.
This is the first time Inpex is participating in oil and gas exploration activities in India since the business integration between the former Inpex and Teikoku Oil Company in 2008, which it believes will contribute to continuous enhancement of its E&P activities.
Japan-based Inpex Corporation is engaged in the energy supply business on a global scale, and its operations include the acquisition of license blocks for oil and gas fields, exploration, production and the sale of processed products.
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