Monday 15 April 2019

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 Democratic Republic of Timor-Leste and Commonwealth of Australia. The operating 40.53% interest is held by Eni JPDA 11-106 B.V. (Operator) and a subsidiary of TIMOR GAP, E.P., 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.

This project is expected to accelerate the diversification of Japan’s crude oil import source if successful. In addition, JOGMEC’s 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 (JOGMEC’s completion guarantee programme) and the Abadi LNG Project in Indonesia (JOGMEC’s equity capital programme).