Inpex has taken a step toward joining the Browse gas development offshore Western Australia, described as Australia’s largest undeveloped conventional gas resource.
Through Inpex Mirai Upstream, the Japanese exploration and production company signed a sales and purchase agreement to acquire a 10.67% participating interest from PetroChina International Investment (CNPC) in the Browse joint venture operated by Woodside.
The joint venture includes titles covering the Brecknock, Calliance and Torosa gas fields. The fields were discovered between 1971 and 2000 and are estimated to hold combined contingent resources of about 13.9 trillion cubic feet of dry gas and approximately 390 million barrels of condensate.
Completion of the transaction remains subject to several conditions, including regulatory clearance and approvals from the Browse joint venture.
The Browse development has the potential to support energy supply in Australia and the wider Asia-Pacific region. An economic impact assessment by Deloitte Access Economics estimated that the Browse to North West Shelf project could generate a long-term increase of around A$147 billion ($102.9 billion) in gross state product for Western Australia and more than A$141 billion ($98.7 billion) in national GDP.
