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JOGMEC Provides Equity Financing to JX and INPEX's Exploration Project

Source: www.gulfoilandgas.com 2/24/2015, Location: Asia

JOGMEC announced that it will provide equity financing to JX Nippon Oil & Gas Exploration (Deepwater Sabah) Limited and INPEX Offshore South West Sabah Limited, established by JX Nippon Oil & Gas Exploration Corporation (JX) and INPEX CORPORATION (INPEX) respectively, which acquired participating interests in the exploration Deepwater Block R offshore East Malaysia .

In January 2012, JX and INPEX announced they have entered into a Production Sharing Contract and commenced the exploration activities for the block through their subsidiaries, namely JX Nippon Oil & Gas Exploration (Deepwater Sabah) Limited (Operator) and INPEX Offshore South West Sabah Limited. The subsidiaries hold 27.5% interest respectively and the remaining 45% interest is held by SANTOS SABAH BLOCK R LIMITED (20%) and PETRONAS CARIGALI SDN. BHD (25%), the exploration and production subsidiary of PETRONAS, the national oil company of Malaysia.

JOGMEC will provide equity capital up to 50% covering the exploration expenditures incurred by the subsidiaries of JX and INPEX for the project.

A number of oil and gas fields have been discovered offshore East Malaysia, and this Block is also considered to have large potential. Through the support of JOGMEC, it is expected to enhance upstream activities for JX and INPEX in Malaysia being one of their focusing areas as well as reinforce Japan’s energy security when successful.

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Related Categories: Civil Works  Civil Works - Finishing works  Construction Contractors  Electrical Works  Engineering Procurement and Construction (EPC)  Engineering Procurement and Construction Management (EPCM)  General  Mechanical Works  Pipe Lines Installations  Steel Works 

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