Japan's Inpex has made its first move into Norway by agreeing to acquire a 40% stake in PL767 in the western Barents Sea from Bayerngas Norge.
Map of PL767, from Inpex.
The license, operated by Lundin, is about 120km offshore Norway and covers 211sq km in 300-400m water depth. It is adjacent to Lundin's Alta Gohta discovery licenses.
The deal will see Inpex take its first-ever project in Norway, which will be manged through its subsidiary Inpex Norge.
"In recent years, oil and gas fields estimated to hold several hundred million barrels of oil equivalent have been discovered in succession in the Barents Sea, which is considered to be a promising area where further hydrocarbon discoveries are believed possible," says Inpex.
The deal is subject to approval from the Norwegian government authorities.
Inpex says the company will continue to assess the possibility of discovering hydrocarbon deposits through exploration activities.
The firm set up Inpex Norge in 2014, with an office in Oslo.
“Inpex will continue to proactively pursue full-scale oil and natural gas exploration and development activities in Norway,” says Inpex. “The impact of this acquisition on the company’s consolidated financial results is expected to be minimal.”
Operator Lundin holds 60% stake in PL 767, with Inpex set to hold the remaining 40%.