INPEX has established a new company INPEX Cash Maple and acquired 74% of the participating interest held by PTTEP Australasia in the AC/RL7 block offshore from Western Australia.
TotalEnergies Exploration Australia, a subsidiary of TotalEnergies, has agreed to acquire the remaining 26%.
The AC/RL7 block is located off the northern coast of Western Australia and covers a surface area of approximately 418 square kilometers, with water depth ranging between approximately 120 and 240 meters. The block lies approximately 250 kilometers northeast of the Ichthys Gas-condensate Field, which supplies natural gas to the Ichthys LNG Project.
Natural gas and condensate fields have been discovered at the AC/RL7 block, raising expectations that the acquisition of a stake in the block will contribute to enhancing the project’s resilience and stable output.
As outlined in its Long-term Strategy and Medium-Term Management Plan (INPEX Vision @2022) formulated in February 2022, INPEX aims to achieve a stable supply of clean energy by focusing on core business areas, implement a shift to natural gas and promote resilience and make its business cleaner in an integrated manner. INPEX’s acquisition of a share in the AC/RL7 block is largely significant as it will further ensure the long-term maintenance of the Ichthys LNG Project’s production volume.