INPEX CORPORATION (INPEX), through its group company INPEX Cash Maple Pty Ltd, has signed a sales and purchase agreement to transfer 2.625 percent, 1.20 percent and 0.42 percent of its participating interest in the AC/RL7 block in Australia to OPIC Australia Pty Ltd (a subsidiary of CPC Corporation, Taiwan), Osaka Gas Ichthys Pty Ltd (a subsidiary of Osaka Gas Co., Ltd.) and Toho Gas Ichthys Development Pty Ltd (a subsidiary of TOHO GAS Co., Ltd.), respectively, according to the company's release.
The completion of the transaction is conditional on regulatory approvals. AC/RL7 Block The AC/RL7 block is located off the northern coast of Western Australia and covers a surface area of approximately 418 square kilometers, where the water depth ranges 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 where safe and stable production operations are ongoing under the operatorship of INPEX in cooperation with its project partners.
Notably, natural gas and condensate fields have been discovered at the AC/RL7 block, raising expectations that the block will contribute to enhancing the project’s resilience and stable output. The impact of this transaction on INPEX’s consolidated financial results for fiscal year 2024 is minimal.
INPEX CORPORATION is Japan’s largest exploration and production (E&P) company and is currently involved in projects across multiple continents, including the Ichthys LNG project in Australia (as Operator). By thoroughly making its oil and gas business cleaner while expanding its five net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen, ammonia and renewables as a pioneer in energy transformation.