Japan's Inpex buys shares from Engie in Indonesian geothermal project

Japanese oil and natural gas producer Inpex Corp (TYO:1605) has joined an Indonesian geothermal development by acquiring a minority stake in the project company from French energy major Engie SA (EPA:ENGI).

Specifically, Inpex said on Wednesday that it bought a 31.45% stake in PT Supreme Energy Rajabasa, without disclosing the purchase price. The other partners in the project are Japanese trader Sumitomo Corp (TYO:8053) and local sector player PT Supreme Energy.

The project is located within the Rajabasa Geothermal Block in Lampung Province in the southeastern part of Sumatra island. It is currently in the exploration stage and surface and geophysical surveys have indicated a certain potential for geothermal resources, the investor noted.

Inpex has made its purchase through Inpex Geothermal Ltd, which opened a representative office in Jakarta in October 2022 as the Japanese company plans to “more actively promote geothermal business in the country and surrounding areas.”

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