Inpex leaves from W. Natuna

Inpex leaves from W. Natuna

TOKYO (Dow Jones): Indonesia Petroleum Ltd., or Inpex, a
leading Japanese energy developer, has withdrawn from an oil and
gas exploration project offshore southern Indonesia, Japan
National Oil Corp. said Wednesday.

JNOC has a 50 percent interest in Inpex's exploration unit for
the West Natuna project and approved Inpex's withdrawal from the
project in late April.

In 1991, Inpex acquired a 25 percent stake in the West Natuna
concession, which is shared with other international partners,
including Gulf, Canadian Occidental Petroleum and Total SA (TOT)
of France.

A minimal amount of gas has been discovered at the West Natuna
concession block following five test drillings that the four
international partners conducted from 1992 through 1998.

Inpex decided to abandon the project as its viability was
undermined by lower-than-expected potential oil and gas reserves,
JNOC said.