TOKYO – INPEX has agreed to acquire 50.5% of shares in Idemitsu Snorre Oil Development (ISD) held by Idemitsu and Osaka Gas Summit Resources.
Subject to approval from Norway’s government, the transaction should go through at the start of 2022.
INPEX and Idemitsu have collaborated on a gas field development project offshore Vietnam.
Through its Norwegian subsidiary Idemitsu Petroleum Norge AS (IPN), ISD has interests in 11 oil and gas assets offshore Norway either in production or under development, including the Equinor-operated Snorre field, along with shares of various undeveloped oil and gas fields and exploration licenses.
Previously INPEX has conducted oil and gas exploration in the country via its subsidiary INPEX Norge INOR). It now plans to integrate the respective activities of IPN and INOR, strengthening its operational base in Norway with a view to further developing its activities in the country.