Inpex Wins Indonesian Approval to Buy Babar Selaru Block

Inpex Corp. (1605) won approval from the Indonesian government to acquire the Babar Selaru oil and gas block, according to a statement on the Japanese company’s website today.

Japan Oil, Gas & Metals National Corp. will provide 16.1 billion yen ($210 million) in equity financing over the next six years to cover as much as 75 percent of exploration costs for the project, according to a separate statement from the state- run explorer.

To contact the reporter on this story: Gearoid Reidy in Tokyo at greidy1@bloomberg.net

To contact the editor responsible for this story: Kyung Bok Cho at kcho7@bloomberg.net

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