INPEX acquired a 20% working interest in the WA-210-P offshore Western Australia in February 1989. Subsequent exploration activities resulted in the discovery of the Griffin oil fields. The Australian government granted a production license (WA-10-L) for the contract area covering four blocks that include the fields. Commercial crude oil and natural gas production from the fields commenced in January 1994. After 15 years of production, the joint venture of the Griffin oil fields ceased the production due to natural depletion.

INPEX later acquired working interests for areas around the WA-10-L. These comprised interests in the WA-155-P (Part II) and the WA-12-L (Deep) in July 1994, in the WA-155-P (Part I) in July 1999, in the WA-357-P in July 2006, and in a block of the WA-255-P in March 2009. The Van Gogh and Ravensworth oil fields were discovered in the WA-155-P (Part I). It was agreed among the partners to develop the Van Gogh field in April 2007. The Australian government granted a production license (WA-35-L) for the two blocks which includes the Van Gogh field in the WA-35-L contract area in October 2008.

Development work is underway with a target production start-up in the first quarter of 2010. A final investment decision was taken to develop the Ravensworth field in November 2007. The Australian government granted a production license (WA-43-L) to the Ravensworth field in November 2009, and development is proceeding toward a scheduled production start-up in late 2010.

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 high-potential Ichthys gas and condensate field.

The eight exploratory wells drilled by INPEX to date confirm the presence of　sufficient reserves for a large-scale gas and condensate project. Engineering work and feasibility studies, field data collection and environmental impact assessment are all ongoing, and INPEX is also undertaking gas marketing activities for commercial LNG production. A site in Darwin was selected for construction of an LNG plant in September 2008, and FEED work on this plant began in January 2009. Having established an office in Darwin in April 2009 and commenced the basic design work on the offshore production facilities, INPEX is actively focused on driving the project forward. Commercial production of LNG, condensate and LPG is scheduled to commence in 2015. Current projections are for initial annual output of approximately 8.4 million tons of LNG and 1.6 million tons of LPG per annum, as well as approximately 100 thousand bpd of condensate at the peak. INPEX plans to consider expanding future LNG, LPG and condensate production further depending on reserve capacity and market conditions.

INPEX has also acquired interests in seven blocks surrounding WA-285-P (namely WA-274-P, WA-281-P, WA-341-P, WA-343-P, WA-344-P, WA-410-P and WA-411-P). Exploration activities are ongoing: any discoveries of major oil or gas reserves in these blocks could considerably augment the potential of the Ichthys field benefitting from synergy effects.

In April 1993, INPEX acquired a working interest in the JPDA03-12, a contract area located in the Timor Sea Joint Petroleum Development Area (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. 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 subsea 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 January 1992 in JPDA06-105, 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 by exploration works.

Oil was found in March 2008 by the Kitan-1 exploration 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 Timor Sea Designated Authority (TSDA), currently Autoridade Nacional do Petróleo (ANP) for the JPDA that an oil field of commercial scale had been found at Kitan. The TSDA approved the Kitan oil field as a development area in May 2008. The development plan for the Kitan field is currently being under review by the joint venture partners and the Authority; a final investment decision on its development is expected in the first quarter of 2010.