INPEX CORPORATION (INPEX) announced that it has executed an agreement with Seascape Energy Asia plc (Seascape) to acquire 100 percent of the shares in Longboat Energy (2A) Limited, a subsidiary of Seascape that will own a 42.5 percent participating interest in the Block 2A (hereinafter “block”) Production Sharing Contract off the coast of Sarawak, Malaysia. INPEX will assume operatorship of the block where it will engage in hydrocarbon exploration activities alongside partners Topaz Number One Limited (Topaz), a wholly owned subsidiary of Seascape, PETRONAS Carigali Sdn. Bhd. (PCSB) and Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP). The completion of the acquisition is subject to the fulfillment of certain conditions, including approval by PETRONAS, through Malaysia Petroleum Management (MPM).

The block is located off the coast of Sarawak, Malaysia and covers a surface area of approximately 12,035 square kilometers, in water depths ranging between approximately 180 and 1,390 meters. INPEX and its partners will henceforth pursue exploration activities as per the title obligations. The block is located northwest of the Central Luconia hydrocarbon province where recent gas discoveries have been made.

INPEX’s acquisition of a participating interest in the block aligns with the company’s broader goals of seeking a stable supply of clean energy by focusing on core business areas including Malaysia and will allow INPEX to further strengthen its existing ties with PCSB and PSEP as well as establish a new long-lasting relationship with Seascape who is Southeast Asia-focused E&P company. In addition, INPEX’s operatorship is expected to provide it with long-term access to promising exploration prospects in the region.

About INPEX

INPEX CORPORATION is Japan’s largest exploration and production (E&P) company and is currently involved in projects across multiple continents, including the Ichthys LNG project in Australia (as Operator). By thoroughly making its oil and gas business cleaner while expanding its five net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen, ammonia and renewables as a pioneer in energy transformation.

About Seascape

Seascape’s vision is to build a full-cycle, Southeast Asia-focused E&P company delivering significant value growth for its stakeholders though technical excellence and regional expertise.