NORWAY — INPEX has announced that its subsidiary, INPEX Norway Co., Ltd., has made a significant oil and gas discovery in the Norwegian North Sea.

The discovery was made through the drilling of exploration well 36/7-5S at offshore block PL636 from March to June 2024.

The exploration well confirmed the presence of oil and gas columns with promising reservoir characteristics in the Cretaceous sandstone formation, similar to the nearby Duva Oil and Gas Field, which has been in production since 2021.

INPEX Norway, a joint venture between INPEX (50.5 per cent) and Idemitsu Kosan Co., Ltd. (49.5 per cent), holds a 30 per cent participating interest in the block through its Norwegian subsidiary INPEX Idemitsu Norge AS (IIN).

The PL636 block is operated by Vår Energi ASA, which holds a 30 per cent stake.

Other partners include PGNig Upstream Norge AS (30 per cent) and Sval Energi AS (10 per cent).

The proximity of the discovery to existing production facilities presents an opportunity for early development and production.

INPEX plans to analyse the data obtained from the exploration work and evaluate development opportunities.

This discovery aligns with INPEX’s Long-term Strategy and Medium-term Business Plan, announced in February 2022, which aims to enhance the resilience of the company’s oil and gas business.

The successful drilling operation was carried out using the Odfjell Drilling-managed semisub rig Deepsea Yantai.

The well, targeting the Cerisa prospect, had been initially planned for late 2023 but was delayed to 2024.

This discovery marks another significant find in the Norwegian North Sea, following recent exploration successes in the region.

It underscores the continued potential of the area and the importance of ongoing exploration efforts in maintaining Norway’s position as a major oil and gas producer.