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January 11, 2023

INPEX Awarded Exploration Licenses in Norway's

Awards in Pre-defined Areas (APA) 2022

TOKYO, JAPAN - INPEX CORPORATION(INPEX) announced today it has been awarded three hydrocarbon exploration licenses in Norway through its subsidiary INPEX Idemitsu Norge AS (IIN) as part of the Awards in Pre-defined Areas (APA) 2022 licensing round. The awarded licenses are PL1194 located in the northern Norwegian Sea and PL1179 and PL293CS (an extension of PL 293B) located in the northern North Sea. The annual APA licensing rounds aim to promote further oil and gas exploration in previously explored areas by allowing tenders to be submitted for any acreage within predefined areas where production licenses have not been awarded or where previous licenses have been surrendered.

Location of PL1194 located in the northern Norwegian Sea (left) and PL1179 and PL293CS located in the northern North Sea (right)

IIN owns interests in numerous blocks in the northern Norwegian Sea, northern North Sea and Barents Sea, and is involved in stable production operations at the Fram and Snorre oil fields in the northern North Sea while actively promoting exploration activities. The three most recently awarded exploration licences are expected to contribute to the further expansion of INPEX's business portfolio.

The licenses are also expected to help make INPEX's upstream business cleaner and more resilient, which is one of the initiatives outlined in the INPEX Vision @2022announced in February 2022. Through IIN, INPEX will continue to actively engage in the exploration, development and production of oil and gas in Norway.

About the Licenses

License title

PL1194

License surface area

Approximately 550 square kilometers

Water depth

Between 700 and 1,100 meters

Shareholders

OMV (Norge) AS (Operator):

40%

and shareholding ratio

Vår Energi ASA:

30%

INPEX Idemitsu Norge AS:

30%

License title

PL1179

License surface area

Approximately 32 square kilometers

Water depth

Approximately 350 meters

Shareholders

Equinor Energy AS (Operator):

45%

and shareholding ratio

Vår Energi ASA:

25%

INPEX Idemitsu Norge AS:

15%

Neptune Energy Norge AS:

15%

License title

PL293CS

License surface area

Actual location: Approximately 42 square kilometers

Extension location: Approximately 23 square kilometers

Water depth

Approximately 350 meters

Shareholders

Equinor Energy AS (Operator):

51%

and shareholding ratio

DNO Norge:

29%

INPEX Idemitsu Norge AS:

10%

Longboat Energy Norge AS:

10%

About INPEX

INPEX CORPORATION is Japan's largest exploration and production (E&P) company, and is currently involved in projects across multiple continents, including the Ichthys LNG Project in Australia as Operator. By thoroughly making its oil and gas business cleaner while expanding its 5 net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen and renewables as a pioneer in energy transformation. For more information, visit https://www.inpex.co.jp/english/index.html.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233

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Inpex Corporation published this content on 11 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 January 2023 06:09:10 UTC.