Inpex, Japan’s largest exploration and production (E&P) company, has acquired 50% participating interests in the Agung I and Agung II exploration blocks offshore Eastern Java, Indonesia, from BP’s subsidiaries.
The interests were acquired through wholly owned subsidiaries INPEX WEST AGUNG and INPEX EAST AGUNG from BP Agung I Limited and BP Agung II Limited, respectively.
Following the transaction, Inpex and BP will each hold 50% of both blocks, with the BP subsidiaries remaining operators.
Agung I covers 6,656 square kilometers in water depths ranging from 100 to 2,000 meters, while Agung II spans 7,969 square kilometers across the same water-depth range.
The blocks are located near the Barong and Serpang blocks, where Inpex already holds participating interests, allowing the company to pursue exploration across a wider area offshore Eastern Java.
According to Inpex, multiple oil and gas fields have been discovered in the region and that the area offers a range of potential exploration plays.
“In addition, as the blocks are located across multiple provinces where stable energy demand is expected over the medium to long term, successful exploration could lead to efficient development and production,” the company said.