INPEX says that its wholly owned subsidiary INPEX North Peru has been granted approval by the Peruvian authority and that it has executed all the related contracts to acquire a 25% participating interest of the Block 117 with Petrobras Energía Perú S.A. (PESA). This is the first time for INPEX to participate in an oil and gas exploration activity in Peru, while INPEX has been involved in a number of exploration, development and production activities in Latin American countries, such as Venezuela, Brazil, Ecuador, Mexico and Suriname.

The Block 117 is located in the Maranon Basin, the northern part of Peru, which covers an area of 10,940km2. In this Block, PESA will continue to operate with a 50% participating interest, while Colombian national oil company Ecopetrol and INPEX Peru each hold a 25% participating interest. INPEX Peru will carry out exploring for hydrocarbons resources in the Block. Several large reserves of oil have been discovered and produced in the vicinity of the Block 117.

INPEX will further endeavor to expand upstream exploration and production in Latin American countries, which are INPEX's one of international core business areas.

Tags: Inpex Corporation