INPEX boosts Azerbaijan offshore position with ACG stake acquisition

(WO) - INPEX Corporation has signed a share purchase agreement to acquire the remaining 49% stake in INPEX South West Caspian Sea Petroleum Co., Ltd. (ISWCS), making it a wholly owned subsidiary. The shares are being acquired from Japan’s Ministry of Economy, Trade and Industry (METI) through an open bid process. Financial terms were not disclosed. 

Through ISWCS, INPEX holds a participating interest in the Azeri-Chirag-Gunashli (ACG) Contract Area offshore Azerbaijan in the Caspian Sea. ACG is one of the world’s largest offshore oil developments and has generated stable production and cash flow for more than two decades.

INPEX said the additional acquisition will strengthen its earnings base by increasing exposure to a long-life crude oil asset. The company plans to continue working with partners to maintain production levels and maximize reserves in the contract area.

Operated by bp on behalf of the consortium, ACG has undergone multiple development phases since first oil in 1997, including recent expansion projects designed to sustain output under an extended production-sharing agreement through 2049.

INPEX, Japan’s largest E&P company, said the transaction reinforces its long-term commitment to Azerbaijan and the Caspian region as part of its broader global upstream portfolio strategy.