Inpex has acquired 50 per cent participating interests in Indonesia’s Agung I and Agung II offshore exploration blocks from BP subsidiaries, the Japanese company announced on October 1.
BP said the farm-down was completed on September 30. BP Agung I and BP Agung II retain 50 per cent interests and operatorship of their respective blocks.
Agung I covers 6,656 square kilometres and Agung II covers 7,969 square kilometres, giving the acreage a combined area of 14,625 square kilometres. Both blocks lie offshore eastern Java in water depths of 100–2,000 metres.
Inpex said the blocks are near its existing Barong and Serpang interests and are expected to support area-wide exploration across eastern Java, an area with several oil and gas field discoveries.
BP and Inpex plan to undertake seismic surveys across Agung I, Agung II and Barong to assess the area’s hydrocarbon potential and guide further exploration.
Inpex said the blocks span several provinces, where it expects energy demand to remain stable for the medium to long term. A range of plays is expected offshore.
Inpex expects the acquisition to contribute to the expansion of its natural gas and liquefied natural gas (LNG) business in Southeast Asia.
The partners signed Barong’s production-sharing contract in May 2026 as part of Indonesia’s second petroleum bidding round 2025. Inpex holds a 51 per cent interest and operatorship in Barong, while BP holds the remaining 49 per cent.
