JX Nippon Finds Oil at Bestari-1 Well in Deepwater Block R Off Sabah
Inpex Corporation announced Tuesday an oil discovery at the Bestari-1 exploration well in Deepwater Block R (the Block) offshore East Malaysia where preliminary findings point to an approximately 230 feet (70 meters) column of oil-bearing sands across multiple horizons. The company has a participating interest in the Block through its wholly-owned subsidiary, Inpex Offshore South West Sabah, Ltd.
The Block located offshore East Malaysia covers an area of 259 square miles (672 square kilometers) with a water depth ranging from 328 feet (100 meters) to 4,593 feet (1,400 meters). Inpex currently owns a 27.5 percent participating interest in the Block, where it conducts exploration activities alongside operator JX Nippon Oil & Gas Exploration (Deepwater Sabah) Limited, PETRONAS Carigali Sdn. Bhd., a wholly-owned subsidiary of PETRONAS, and Santos Sabah Block R Limited, which own participating interests of 27.5 percent, 25 percent and 20 percent, respectively.
Moving forward, Inpex and its partners will analyze and evaluate the data retrieved from the well, and proceed with plans to drill two exploratory wells to assess the possibility of new oil and natural gas deposits.
Japan Oil, Gas and Metals National Corporation (JOGMEC) is to cover up to 50 percent of exploration expenditures incurred by Inpex Offshore South West Sabah, Ltd. through equity capital.
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