INPEX Corporation, Japan’s largest exploration and production company, has signed a memorandum of understanding (MOU) with PT Pertamina (Persero) (Pertamina) on a strategic collaboration to proactively pursue the implementation of the Abadi LNG Project in a new partnership following the execution of a sales and purchase agreement (SPA) between Shell Upstream Overseas Services (I) Limited and Pertamina Hulu Energi (PHE), a subsidiary of Pertamina, and Petronas Masela Sendirian Berhad (Petronas), a subsidiary of Petronas, concerning the transfer of joint venture partner Shell’s participating interest in the Abadi LNG Project to PHE and Petronas. The transfer is subject to the fulfillment of certain joint venture procedures and conditional to the approval of the Indonesian government. Through its subsidiary INPEX Masela, Ltd., INPEX is currently preparing the Abadi LNG Project for development as operator in the Masela Block in the Arafura Sea in Indonesia.
Through the MOU, INPEX and Pertamina will seek to collaborate strategically on a wide range of fields with a focus on the Abadi LNG Project’s value chain
(Source: Inpex)