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Japan's Inpex to acquire offshore Australia block
June 28, 2012 / 6:20 AM / 5 years ago

Japan's Inpex to acquire offshore Australia block

TOKYO, June 28 (Reuters) - Japan’s top oil and gas explorer Inpex Corp said on Thursday it has agreed to acquire a 50 percent stake in offshore exploration block AC/P36 in western Australia from U.S. oil firm Murphy Oil Corp.

Inpex said it would serve as the operator in the block and work with Murphy Oil, whose stake will be reduced to 50 percent. The block is located near several gas fields, including the Ichthys LNG project, the company said in a statement.

Inpex plans to conduct exploration work including the drilling of one exploratory well in the block.

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