JX Nippon, Inpex in deepwater discovery offshore Malaysia
TOKYO, Japan -- JX Nippon and Inpex Corp. have discovered oil at the Bestari-1 exploration well in Malaysia's deepwater Block R, Inpex announced Tuesday.
According to Inpex, a partner in the well, preliminary findings point to an approximately 70-m column of oil-bearing sands across multiple horizons.
The Tokyo-based company has a participating interest in the block through its wholly owned subsidiary Inpex Offshore South West Sabah, Ltd.
Block R, which is offshore East Malaysia, covers an area of 672 km2 with a water depth ranging from 100–1,400m.
Inpex owns a 27.5% participating interest in Block R, where it conducts exploration activities alongside operator JX Nippon Oil & Gas Exploration (Deepwater Sabah) Limited (27.5%), Petronas Carigali Sdn. Bhd. (25%), and Santos Sabah Block R Limited (20%).
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% of the exploration expenditures incurred by Inpex Offshore South West Sabah, Ltd. through equity capital.
