INPEX CORPORATION (INPEX) announced that its affiliate, INPEX Masela, Ltd. (INPEX Masela) and PT EMP Energi Indonesia (EMPI), a subsidiary of PT Energi Mega Persada Tbk. (EMP), which is a leading Indonesian upstream oil and gas company, have completed the necessary procedures for the transfer of a 10% participating interest in the Masela Block in the Arafura Sea, Indonesia, where INPEX Masela is the operator for the Abadi gas field and LNG development project. A joint operating agreement between INPEX Masela and EMPI for the Masela Block has now become effective.
As a result of the transfer, EMPI holds a 10% of the participating interest in the Block, while INPEX Masela retains a 90% interest. The project will proceed to the FEED (Front End Engineering and Design) in due course.
INPEX continues to seek support from the Indonesian Government and other stakeholders for an early commercial production of the Abadi project.
