Jogmec to Finance Inpex's Timor Sea Project

Japan Oil, Gas and Metals National Corp (Jogmec) April 12 said it will provide equity financing to Inpex Offshore Timor-Leste, a wholly owned subsidiary of Japan’s Inpex, which has a stake in a project in Timor Sea.

Inpex Offshore Timor-Leste holds a 35.47% participating interest in the JPDA11-106 contract area of the joint petroleum development area in the Timor Sea, which is jointly administered by the Timor-Leste and Australia. The operating 40.53% interest is held by Italian Eni; a subsidiary of Timor Gap, Timor-Leste’s national oil company, owns the remaining 24%.

Jogmec will provide equity capital covering up to 50% of the exploration expenditures incurred by Inpex Offshore Timor-Leste, it said.

This project is expected to accelerate the diversification of Japan’s crude oil import source if successful. In addition, Jogmec said its support to Inpex Offshore Timor-Leste will enrich Inpex’s upstream portfolio in one of its priority areas encompassing the Ichthys LNG project in Australia and the Abadi LNG project in Indonesia.