Japanese exploration and production company Inpex has agreed to purchase a 50.5% stake in Idemitsu Snorre Oil Development (ISD) in Norway.

Currently, ISD has 11 oil and natural gas assets in production and under development, including the Snorre project, through its wholly owned Norwegian subsidiary Idemitsu Petroleum Norge (IPN).

The company also owns interests in various potential discovered but undeveloped oil and gas fields and exploration licences.

Inpex and Idemitsu are already partners on a gas field development project offshore Vietnam, as well as a geothermal power generation business in Japan.

The implementation of the joint business in Norway is anticipated to further strengthen business relationship between both firms.

Under the deal, Inpex will purchase a 1% stake held by Idemitsu Kosan and the 49.5% interest held by Osaka Gas Summit Resources (OSR) in ISD.

Subject to the approval of the government of Norway and other conditions, the share acquisition is expected to be completed at the starting of next year.

ISD and IPN are expected to become consolidated subsidiaries of Inpex, upon completion of the deal.

Inpex stated: “By acquiring IPN’s well balanced portfolio, INPEX expects its corporate value to further improve.

“Additionally, the acquisition is expected to contribute to making INPEX’s core upstream business more resilient, which is one of the objectives outlined in the company’s “Business Development Strategy – Towards a Net Zero Carbon Society by= 2050” announced in January 2021.”

Separately, Inpex has divested its complete stake in Teikoku Oil (D.R. Congo) to Perenco Energies International.

With the latest divestment, Inpex has completely sold its interests in the Offshore D. R. Congo Block.

Through Teikoku Oil (D.R. Congo), Inpex earlier owned a 32.28% participating stake in the block, where the company involved in the development and production of crude oil.

As a result of an expected significant decline in productivity, the company has decided to divest its stake in the block.

Inpex purchased mining rights to the block in 1970 and started the production of crude oil in 1975. Multiple oil fields were discovered in the block, since its acquisition.