INPEX Awarded Oil, Gas Exploration Permit in Northern Territory

INPEX has been awarded an onshore oil and gas exploration permit in Australia’s Northern Territory (NT).

The acreage, EPNT14-1, is situated in the highly prospective Beetaloo Basin, around 500km South East of Darwin, the company announced Friday. The acreage area consists of 50 blocks totalling approx. 4000 sq kms.

“While INPEX’s primary focus remains the delivery of the flagship Ichthys LNG Project, this announcement opens the door to possible greater INPEX investment in the Northern Territory,” INPEX Director Australia Ventures, Tony Pytte, said.

INPEX tendered for the right to pursue exploration following the NT government’s release of acreage in June and July last year.

Following this first step, INPEX expects a highly detailed and very closely monitored process of Native Title negotiation, overseen by the Department of Mines and Energy. The process, which is required for any future offer of an exploration permit, will also involve consultation with pastoral land lease holders and could take up to two years, INPEX said.