INPEX CORPORATION (INPEX) announced today that through its subsidiary, INPEX Mirai Upstream Pty Ltd, it has entered a sales and purchase agreement with PetroChina International Investment (Australia) Pty Ltd (CNPC) to acquire CNPC’s 10.67 percent participating interest in the Browse joint venture, including the Browse titles covering the Brecknock, Calliance and Torosa gas fields offshore Western Australia.

Completion of the sales and purchase transaction is conditional on a number of matters including regulatory and Browse joint venture participant approvals.

The development of Browse has the potential to make a significant contribution to Energy security in Australia and in the Asia-Pacific region. The Browse fields, which were discovered between 1971 and 2000, contain a combined contingent resource of about 13.9 trillion cubic feet of dry gas and approximately 390 million barrels of condensate.

INPEX has been a proud participant in the Australian business community since 1986. The company’s Australian energy portfolio includes Ichthys LNG as operator, and participating interests in Prelude FLNG, Darwin LNG, Van Gogh and Ravensworth.

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 CNPC

CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, we are seeking an even greater international role. We provide energy in a profitable manner, and always attach great importance to our social and environmental responsibilities.