Japan's Inpex Acquires Stakes in Several Norwegian Sea Assets

Tokyo, Japan-based Inpex Corporation said it has acquired stakes in several oil and gas assets in the Norwegian Sea.

The company’s subsidiary Inpex Norway Co. Ltd., through its local Norwegian entity, Inpex Idemitsu Norge AS (IIN), has entered into an agreement with Pandion Energy AS to acquire 10 percent participating interest in each of the Valhall and Hod oil and gas fields and 20 percent participating interest in each of the Mistral and Slagugle oil and gas discoveries.

The Valhall and Hod fields are currently producing hydrocarbons, while the Mistral and Slagugle oil and gas discoveries have yet to be developed, Inpex said in a news release.

IIN holds numerous licenses in the northern North Sea, the northern Norwegian Sea, and the Barents Sea, and has participated in steady production operations from fields in the North Sea, according to the release.

With the acquisition of the new stakes, IIN’s oil and gas production volume will increase to about 27,000 barrels per day (bpd) from approximately 23,000 bpd, the company said.

Further, the acquisitions are expected to expand Inpex’s business portfolio in the future through the development of the Mistral and Slagugle oil and gas discoveries, as well as the potential for exploration and development in the surrounding areas, the release said.

Bonaparte CCS Project Awarded Major Project Status

Earlier in the month, the Bonaparte CCS Assessment Joint Venture was awarded “Major Project” status by the Australian government.

The project, which is operated by company subsidiary Inpex Browse E&P Pty Ltd holding a 53 percent stake, is the first offshore carbon capture and storage (CCS) project to receive the designation in the country, according to an earlier statement. TotalEnergies CCS Australia Pty Ltd holds a 26 percent stake while Woodside Energy Ltd holds 21 percent.

The award “highlights the project’s recognized potential to support a lower carbon future as well as reflecting the Australian government’s acknowledgement of the project’s strategic importance in achieving Australia’s net zero goals,” Inpex said.

Last year, an area appraisal confirmed a high-quality saline aquifer reservoir suitable for safe and permanent carbon storage in the Bonaparte Basin, approximately 155.3 miles (250 kilometers) offshore Darwin in the Northern Territory of Australia, Inpex said.

The joint venture plans to transport and store carbon dioxide (CO2) safely and permanently in the Bonaparte Basin, which has a potential carbon storage capacity of more than 10 million tons per year. The joint venture started preliminary front-end engineering design (FEED) work in April and plans to initiate CO2 injection around 2030, according to the statement.

The joint venture is currently conducting detailed analysis of reservoir appraisal data to support an application declaring an identified greenhouse gas storage formation, which is a prior step to obtaining a greenhouse gas injection license. Inpex said it will continue engaging closely with the local community and the Australian and Northern Territory governments to advance the project on behalf of the group.

Inpex said it considers the project to have the potential to be one of the largest commercial CCS projects in the world, substantially contributing to decarbonizing northern Australia and the Asia-Pacific region.

To contact the author, email rocky.teodoro@rigzone.com

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