INPEX has successfully acquired a 50% participating interest in the Agung I and Agung II offshore exploration blocks in eastern Java, Indonesia, from BP. Under the newly completed farm-in agreement, BP retains the remaining 50% interest and will continue as the operator for both blocks.
The two adjacent assets represent a substantial deepwater footprint, with Agung I covering 6,656 square kilometres and Agung II spanning 7,969 square kilometres in water depths ranging from 100 to 2,000 metres. The blocks are strategically positioned near INPEX’s existing Barong and Serpang interests, creating a highly contiguous exploration portfolio in a region renowned for multiple established oil and gas fields.
In the near term, the joint venture plans to undertake extensive seismic surveys across the Agung I, Agung II, and Barong blocks to map subsurface structural pathways and guide future exploration drilling. By evaluating a diverse range of geological plays across this consolidated acreage, the partnership aims to rigorously de-risk the area's hydrocarbon potential and identify commercially viable natural gas reserves.
This strategic acquisition closely aligns with INPEX's broader objective to expand its natural gas and liquefied natural gas (LNG) operations across Southeast Asia. The collaborative effort between the two companies underscores a renewed focus by international operators on unlocking underexplored deepwater gas plays to meet the region's sustained medium-to-long-term energy demand.
Image courtesy of INPEX
