Inpex Corp., ENI SpA and East Timor's national oil company have signed a production-sharing contract for an oil field in the Timor Sea with the governments of East Timor and Australia, Inpex said Monday.
The new site is adjacent to the Kitan oil field, where the three partners have been producing oil since November 2011. Both field are located within permit area JPDA 06-105, inside the joint development area between Australia and East Timor.
Inpex said in a statement Monday the three partners sought the contract as their exploration license for the permit area is expiring.
The new field is located about 240 kilometers south of Dili, the capital of East Timor, and 500 kilometers northwest of Darwin, Australia.
ENI has a 40.53% stake in the permit area, while Inpex holds 35.47%. Timor GAP EP owns 24%.