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INPEX Corporation oil and gas exploration summary

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31 October 2018

INPEX Corporation oil and gas exploration summary

Report summary

Gas, and LNG in particular, is at the heart of INPEX Corporation (INPEX). The company announced its first LNG cargo on 23 October 2018 from the Ichthys Browse basin mega-project in Australia, a crucial moment in INPEX's corporate history. Icthys' first LNG marks the conclusion of a formidable 81 months and US$43 billion effort, plagued by development delays and cost blowouts. Exploration will also be key in INPEX's long-term strategy, with activities focused in its priority areas: northwest shelf Australia, Gulf of Mexico (GoM) and Norway. It has adopted an aggressive acreage capture strategy in an effort to rebuild its opportunity set. Most recently, INPEX and Chevron were awarded acreage in Mexico's deepwater Perdido Fold Belt, and the company is partnered with LUKOIL in its giant (we estimate 3 bil boe) oil discovery in Block 10 in Iraq. This has still not been enough to create value in our study period.

Table of contents

  • Executive summary
    • Upstream strategy and exploration outlook
    • Other INPEX Corporation research
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
    • Scope of this report
    • Production from new field discoveries, organic unconventionals and as a proportion of all future production
    • Volume additions have been low until success onshore Iraq in 2017
    • Declining value and returns
    • Turning a corner towards success in the deepwater sector

Tables and charts

This report includes 23 images and tables including:

  • Executive summary: Image 1
  • Ten year performance summary
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Full-cycle economics
  • SWOT Grid
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Gross exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Discoveries (2008 to 2017)
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production: Image 1
  • Full cycle value creation by year (conventional only)
  • Exploration returns by year (conventional only)
  • Costs and development value by resource category
  • Exploration returns by water depth

What's included

This report contains:

  • Document

    INPEX Corporation oil and gas exploration summary

    PDF 927.88 KB

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