Inpex gets green light for exploration acreage in Australia’s Northern Territory
TOKYO, Japan -- Inpex Corp. confirmed Friday that the government of Australia’s Northern Territory (NT) had announced Inpex’s successful bid to pursue an exploration permit for the onshore petroleum exploration acreage EPNT14-1 situated in the highly prospective Beetaloo basin, around 500 km southeast of Darwin.
The acreage area consists of 50 blocks totaling approximately 4,000 km2. Access to this acreage would provide Inpex with additional potential oil and gas resources for development.
“We are very pleased with today’s announcement,” said Inpex Director Australia Ventures, Tony Pytte. “While Inpex’s primary focus remains the delivery of the flagship Ichthys LNG Project, this announcement opens the door to possible greater Inpex investment in the Northern Territory.”
Inpex tendered for the right to pursue exploration following the NT government’s release of acreage in June and July 2014.
“This is a successful first step in which Inpex was assessed on work programs, expertise and financial capacity,” Pytte said.
Following this first step, Inpex expects a highly detailed and very closely monitored process of Native Title negotiation, overseen by the Department of Mines and Energy. The process, which is required for any future offer of an exploration permit, will also involve consultation with pastoral land lease holders and could take up to two years.
“As a global oil and gas exploration and production company, we actively pursue new opportunities to fulfil our growth aspirations. We will work hard to see this NT opportunity succeed,” Pytte added.
