INPEX has signed a share purchase agreement (SPA) following an agreement to acquire 49 percent of the shares in INPEX South West Caspian Sea Petroleum Co., Ltd. (ISWCS) held by Japan’s Ministry of Economy, Trade and Industry (METI) through an open bid, making ISWCS a wholly owned subsidiary of INPEX.
Through ISWCS, INPEX owns a participating interest in the Azeri-Chirag-Gunashli (ACG) Contract Area in the Caspian Sea offshore the Republic of Azerbaijan, where it is engaged in crude oil development and production operations.
The ACG project is a quality asset from which INPEX has generated stable profits and cash flow for more than 20 years, and this additional acquisition of ISWCS shares is expected to further strengthen INPEX’s earnings base.
INPEX will continue to work toward maximizing the value of the project, including maintaining production levels in the Contract Area and expanding its proved reserves.
Source: INPEX
