INPEX has been awarded an exploration permit for Release Area WA-533-P as Operator in Australiaâs 2017 Offshore Petroleum Exploration Acreage Release. INPEX Browse will hold a 100% participating interest in the Block where it will pursue exploration activities. The Block is located off the northern coast of Western Australia and covers a surface area of 12,402km2. The Blockâs water depth ranges between approx. 50m and 600m.INPEX awarded exploration block WA-533-P offshore Western AustraliaThe Block lies on an offshore extension of the onshore Canning Basin in Western Australia where promising oil and gas fields have been discovered and developed. The Block is therefore considered to be located in a highly promising exploration area where oil discoveries are expected. With the awarding of this exploration permit, the total number of offshore exploration blocks held by INPEX Group companies in Australia increases to 22. INPEXâs proactive exploration activities in Australia are expected to contribute to the continuous enhancement of the companyâs E&P activities, positioned as one of the growth targets outlined in INPEXâs medium- to long-term vision. INPEX will continue to proactively pursue business development opportunities in Australia and the Asia-Oceania region. The impact of this development on the companyâs consolidated financial results is minimal.Original article linkSource: INPEX
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