Japanese E&P company Inpex Corporation has entered into an agreement to acquire a 40 percent participating interest in exploration license PL767 located in the western Barents Sea offshore Norway from Bayerngas Norge.
Inpex said on Friday that the acquisition, arranged between the company’s subsidiary Inpex Norge and Bayerngas, would hand the company its first ever project in Norway.
The license is located in the western Barents Sea approximately 120 kilometers offshore Norway and covers a surface area of 211 square kilometers where the water depth ranges between approximately 300 and 400 meters.
As a result of the interest buy, Bayerngas would be exiting the license with the operator Lundin holding the remaining 60 percent interest in the license.
The company added that it would continue to assess the possibility of discovering hydrocarbon deposits through exploration activities following the required administrative procedures by Norwegian authorities and operator Lundin.
According to Inpex, the impact of this acquisition on the company’s consolidated financial results is expected to be minimal.