INPEX CORPORATION (INPEX) announced that it has made a successful joint bid in Mexico's first deepwater lease auction to explore Block 3 (the Block) located in the Perdido Fold Belt in the Mexican sector of the northern Gulf of Mexico. The bidding consortium also involves Chevron Energía de Mexico, S de R.L. de C.V. (Chevron) and Pemex Exploración y Producción (PEMEX). This also marks the first time INPEX engages in oil and gas exploration and development activities in the Mexican sector of the Gulf of Mexico.

The Block is located offshore in the Mexican sector of the northern Gulf of Mexico and covers an area of 1,687km2 where the water depth ranges between approximately 500m to 1,700m. INPEX and PEMEX will each hold a 33.3333% participating interest in the Block while Chevron, the operator, will hold a 33.3334% participating interest.

The Mexican sector of the Gulf of Mexico’s deepwater area has similar geological conditions as the deepwater area in the US Gulf of Mexico where a series of hydrocarbon discoveries have been made. The Mexican sector of the Gulf of Mexico’s deepwater area, however, includes vast amounts of unexplored territory, and is therefore considered to have high exploration potential. The Block is located in an area where new hydrocarbon discoveries are expected, given that the Great White Oil Field, which is currently already in production in the US Gulf of Mexico, and the Trion Oil Field, which PEMEX newly discovered in the Mexican Gulf of Mexico, both lie in the vicinity of the Block.

A successful exploration of the Block is expected to contribute to INPEX’s pursuit of the continuous enhancement of E&P activities, which is positioned as one of three growth targets outlined in the company’s “Medium- to Long-Term Vision.”

INPEX is committed to further expanding its exploration and development activities in the Gulf of Mexico.

The impact of this successful bid, if any, on the consolidated financial results is expected to be minimal.

About INPEX

INPEX CORPORATION is Japan’s largest exploration and production (E&P) company, and a mid-tier E&P player just behind the world’s oil majors. INPEX is currently involved in approximately 70 projects across more than 20 countries, including the Ichthys LNG Project in Australia as Operator. Through sustainably growing its oil and gas development business, INPEX aims to become a top class international oil and gas E&P Company and continue providing a stable and efficient supply of energy to its customers.

About Chevron

Chevron Corporation (NYSE: CVX) is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; and additives; generates power and produces geothermal energy; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, Calif.

About Pemex

Pemex, Mexico's state oil company, is engaged in the exploration, production, transportation, refining, storage and sale of hydrocarbons and derivatives. Its products include petrochemicals, natural gas, liquid gas, sulphur, gasoline, kerosene and diesel. Pemex operates 344 production fields, 6,382 production wells, 225 off-shore platforms, 6 refineries, 8 petrochemical complexes, 7,896 km of gas pipeline, 4,548 km of oil pipeline, and 19 LPG distribution terminals.

For the energy sector this is good news because Trion has possible reserves and no oly prospective resources like the rest of the blocks in round 1.4.

This announcement is also good news for the country because the investments that will flow into Mexico for the exploration and exploitation of this fields and the rest of the blocks of round 1.4 will enable the development of infrastructure and will foster employment in the region.