INPEX has acquired working interests in offshore Western Australia, such as WA-155-P (Part II) and WA-12-L (deep) in July 1994, WA-155--P (Part I) in July 1999, WA-357-P in July 2006, and one block in WA-255-P in March 2009.

The Van Gogh and Ravensworth oil fields were discovered in WA-155-P(Part I). Production licenses were then obtained for WA-35-L and WA-43-L, and oil production commenced in February and August 2010, respectively.

Preparation for development work is also under way at the Coniston/Novara, which spans WA-35-L and WA-255-P.

INPEX acquired a working interest in WA-285-P offshore Western Australia after winning an open bid in August 1998. In 2000, after pursuing exploration activities as an operator, INPEX discovered the Ichthys gas-condensate field.

Eight exploratory wells drilled by INPEX confirmed the presence of sufficient reserves for a large-scale project in the Ichthys gas-condensate field. Later, in September 2008, a site in Darwin was selected for construction of an LNG plant. FEED work on this plant began in January 2009. In April of the same year, an office was established in Darwin and FEED work also commenced on offshore production facilities at that time. The EPC tender for the CPF was issued in November 2010, with preparatory work for the procurement phase of the LNG plant beginning in December of the same year. In addition, work concerning production licenses and financing is ongoing with the target for FID scheduled in Q4 2011, and for commercial production in Q4 2016.

INPEX also retains interests in eight blocks surrounding Ichthys. Exploration activities are ongoing. Any discoveries of major oil or gas reserves in these blocks could considerably increase the potential of the Ichthys field benefitting from synergistic effects.

In April 1993, INPEX acquired a working interest in JPDA03-12, a contract area located in the Timor Sea JPDA.

Exploration within this contract area resulted in the discovery of oil and gas in the Elang, Kakatua, Kakatua North and Undan structures.

Oil production in the Elang, Kakatua and Kakatua North oil fields began in 1998 but ceased in 2007 due to natural depletion. Geological studies revealed that the Undan structure and the Bayu structure in the adjacent JPDA03-13 contract area were a single body. Final agreement on unitization was reached in 1999 between interest holders of both contract areas, allowing joint development of the Bayu-Undan gas and condensate field to proceed. The commercial production of condensate and LPG from the project commenced in 2004. An LNG sales agreement was concluded with Tokyo Electric Power Co., Inc., and Tokyo Gas Co., Ltd., in August 2005 stipulating a total annual supply of 3 million tons. The gas is transported through a 500-km undersea pipeline to an LNG plant built in Darwin in Australia’s Northern Territory. LNG shipments from the plant commenced in February 2006.

INPEX acquired an interest in JPDA06-105 in January 1992, a contract area located within the Timor Sea Joint Petroleum Development Area (JPDA). Oil in the Jahal structure and the Kuda Tasi structure was discovered in 1996 and 2001, respectively, through exploration works.

Oil was found in March 2008 by the Kitan-1 exploratory well, and the presence of a commercial oil accumulation was confirmed by the Kitan-2 appraisal well drilled subsequently. In line with the provisions of the PSC, INPEX made a declaration in April 2008 to the authorities that an oil field of commercial scale had been found at Kitan. Thereafter, INPEX acquired approval for the final development plan from the relevant authority in April 2010.

Currently, development work is under way at the Kitan Oil Field with a target production startup in the second half of 2011.