“This is a successful first step in which Inpex was assessed on work programs, expertise, and financial capacity,” said Tony Pytte, Inpex director of Australia ventures.
“While Inpex’s primary focus remains the delivery of the flagship Ichthys LNG Project, this announcement opens the door to possible greater Inpex investment in the Northern Territory,” Pytte said (OGJ Online, July 8, 2014).
The company tendered for the right to pursue exploration following the government’s release of acreage in June and July 2014.
The acreage became available as a direct result of the government’s “use-it or lose-it” policy, which is aimed at stimulating exploration, said Adam Giles, chief minister of the Northern Territory.
Giles said it is the first petroleum exploration acreage release in the territory under the government’s new competitive tender process.