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Reuters: Japan’s Inpex acquires Shell UK offshore oil stake

Wed Mar 26, 2008 8:17am EDT

TOKYO, March 26 (Reuters) – INPEX Holdings Inc (1605.T: Quote, Profile, Research) said on Wednesday its subsidiary has acquired a stake in the Sheffield Island offshore P799 license project in waters off the United Kingdom from a Shell (RDSa.L: Quote, Profile, Research) subsidiary stakeholder.

An Inpex subsidiary was granted a 20 percent stake in the project.

Shell has a 38.5 percent stake and is the operator, while U.S. ConocoPhillips (COP.N: Quote, Profile, Research) has a 25 percent stake.

Japan’s Nippon Oil Corp (5001.T: Quote, Profile, Research) has a 10 percent stake and Austrian OMV (OMVV.VI: Quote, Profile, Research) has the remaining 6.5 percent stake.

State-run Japan Oil, Gas and Metals National Corp (JOGMEC) said in a separate statement it will provide 50 percent of Inpex’s expected costs, or about 5 billion yen ($49.88 million) by 2015.

The P799 area covers about 146.3 sq km (56.49 sq mile). ($1=100.24 Yen)

(Reporting by James Topham)

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