Japex to Acquire Stake in West Natuna Sea

Japan Petroleum Exploration Co., Ltd. (Japex) announced that its unit Japex West Natuna Limited has signed an agreement to acquire a 30 percent participating interest in the Kerapu Block in the West Natuna Sea, off Indonesia from a wholly owned subsidiary of Mubadala Petroleum, subject to approval by the Indonesian government.

The Kerapu Block is located approximately 124 miles (200 kilometers) northwest of Natuna Island and covers an area of 1,197 square miles (3,100 square kilometers) with a water depth of around 197 feet (60 meters).

Mubadala Petroleum is the operator of the block, with a 100 percent interest. Japex's acquisition, if approved, will trim the Abu Dhabi government-owned upstream oil and gas company's participating interest to 70 percent.

"South East Asia is one of the focus areas of Japex, and it plans to seek additional E&P (exploration and production) opportunities in the region," Japex said in a company release.

Mubadala Petoleum, which was awarded the block in 2008, acquired 3D seismic in 2010 through Petroleum Geo-Services seismic vessel Orient Explorer. An exploratory well in the Kerapu Block is planned for 2013.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Alam Maritim Clinches Repair, Maintena... (Jul 29)
 -  Husky Says Indonesia's Madura Strait P... (Jul 29)
 -  Dayang Increases Stake in Malaysia's P... (Jul 28)
 -  Trapoil Merges with Jersey Oil and Gas (Jul 28)
 -  Vermilion Energy Enters Farm-in Agreem... (Jul 28)


Most Popular Articles

From the Career Center
Jobs that may interest you
Account Manager - Vendor Surveillance Sales
Expertise: Business Development|Sales & Marketing|Technical Sales
Location: Houston, TX
 
Business Development Manager Cranes
Expertise: Business Development
Location: Texas, TX
 
Global Account Manager
Expertise: Business Development|Sales & Marketing
Location: Houston, IA
 
search for more jobs

Brent Crude Oil : $53.3/BBL 0.31%
Light Crude Oil : $47.98/BBL 1.24%
Natural Gas : $2.82/MMBtu 1.07%
Updated in last 24 hours