INPEX to acquire a 50.5% stake in Idemitsu Snorre Oil Development from Idemitsu and OSR.

INPEX, a Japanese midstream company, agreed to acquire a 50.5% stake in Idemitsu Snorre Oil Development, an oil field operator, from energy companies Idemitsu and OSR. Financial terms were not disclosed. “By acquiring IPN’s well balanced portfolio, INPEX expects its corporate value to further improve. Additionally, the acquisition is expected to contribute to making INPEX’s core upstream business more resilient, which is one of the objectives outlined in the company’s “Business Development Strategy – Towards a Net Zero Carbon Society by= 2050” announced in January 2021," INPEX.