INPEX CORPORATION announced it has discovered deposits of quality oil at a depth of approximately 3,550 m through appraisal drilling in the BM-ES-23 concession in the Espírito Santo Basin offshore Brazil. The oil deposits were confirmed through analysis of logging data and fluid samples obtained by a wireline tester.

The concession lies 115 km off the coast of the State of Espírito Santo in southeastern Brazil, where water depth ranges from 1,800m to 2,000m. Through INPEX Petróleo Santos Ltda., a subsidiary, INPEX owns a 15% participating interest in the concession, where INPEX has engaged in exploration activities alongside partners, Petrobras (operator) and Shell, which own 65% and 20% participating interests, respectively.

Moving forward, INPEX and its partners will analyze and evaluate the data retrieved from the well, and continue to drill down to a depth of 4,500 m to assess the possibility of new oil and natural gas deposits.

INPEX is committed to proactive exploration activities in promising areas including deepwater zones for the sustained expansion of its upstream business, one of the company’s growth targets.

About INPEX

INPEX CORPORATION (INPEX) is a worldwide oil and gas exploration and production company based in Tokyo, Japan, with more than 70 active projects across 27 countries. Since 1966, INPEX has steadily expanded its business in Japan and in other parts of the world, from its core business areas in Australia and Indonesia to the Middle East, the Caspian Sea region, the Gulf of Mexico and North and South America.