Japan’s Inpex has acquired 50 percent participating interests each in two of BP’s Indonesian offshore blocks.
Inpex announced on Thursday that, through its wholly-owned subsidiaries Inpex West Agung and Inpex Eeast Agung, it has acquired 50 percent participating interests each in the Agung I and Agung II exploration blocks from BP Agung I and BP Agung II, respectively.
The two blocks are located in offshore waters of Eastern Java in Indonesia, where multiple gas and oil fields have been discovered, according to Inpex.
As the blocks are situated near the Barong and Serpang blocks in which Inpex already owns participating interests, the acquisition of these two blocks are expected to enable Inpex to conduct area-wide exploration activities across offshore waters of Eastern Java where diverse plays are anticipated, the company said.
“In addition, as the blocks are located across multiple provinces where stable energy demand is expected over the medium to long term, successful exploration could lead to efficient development and production,” it said.
Ipex noted that the acquisition is expected to contribute to the expansion of its natural gas and LNG business in Southeast Asia.
As per the LNG business, the company is working to take a final investment decision on the Abadi LNG project in Indonesia “around mid-2027.”
BP said in a separate statement that the agreement brings together three deepwater exploration blocks where the two firms share interests: Agung I, Agung II, and Barong.
“It builds on the companies’ longstanding partnership in Tangguh and expanding collaboration in exploration, following the signing of the Inpex-operated Barong production sharing contract (PSC) in May 2026,” BP said.