INPEX CORPORATION (INPEX) announced that, through its wholly owned subsidiaries INPEX WEST AGUNG, LTD. and INPEX EAST AGUNG, LTD., it has acquired 50-percent participating interests each in the Agung I and Agung II exploration blocks from BP Agung I Limited and BP Agung II Limited, respectively.

The two blocks are located in offshore waters of Eastern Java in Indonesia, where multiple gas and oil fields have been discovered. 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. 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.

The acquisition is expected to contribute to the expansion of INPEX’s natural gas and LNG business in Southeast Asia, as set out in INPEX Vision 2035, which the company announced in February 2025. INPEX will continue to actively strengthen its business foundation in Indonesia.

Overview of Agung I Block after Acquisition

  - Block name Block: Agung I
  - location: Offshore Waters of Eastern Java, Indonesia
  - Block area: 6,656 km²
  - Water depth: 100–2,000 m
  - Shareholders and shareholding ratio: INPEX WEST AGUNG, LTD.: 50% BP Agung I Limited (Operator): 50% (A wholly owned subsidiary of bp)

Overview of Agung II Block after Acquisition

  - Block name: Agung II
  - Block location: Offshore Waters of Eastern Java, Indonesia
  - Block area: 7,969 km²
  - Water depth: 100–2,000 m
  - Shareholders and shareholding ratio: INPEX EAST AGUNG, LTD.: 50% - BP Agung II Limited (Operator): 50% (A wholly owned subsidiary of bp)

About INPEX

INPEX is Japan’s largest exploration and production (E&P) company, engaged in the development and operation of oil and gas projects worldwide. We are committed to contributing to a brighter future by delivering energy in a sustainable way. As part of this commitment, we are also engaging in lower-carbon solutions such as CCS, hydrogen and integrated power supply, while pursuing new opportunities in the evolving energy landscape.

About bp

bp (NYSE: BP, LSE: BP.L) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.