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    Japan's Inpex exits Venezuela

Summary

A consortium of Inpex, Mitsubishi and Japan Oil, Gas and Metal Corp has sold the 5% stake in Carabobo project 3.

by: Shardul Sharma

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Japan's Inpex exits Venezuela

Japanese energy company Inpex on October 13 said it is exiting Venezuela after withdrawing from the Carabobo project 3.

The notification of withdrawal was submitted to the government by Japan Carabobo UK (JCUK), which is a subsidiary of a joint venture comprising Inpex, Mitsubishi Corp and the Japan Oil, Gas and Metal National Corp.

Through JCUK, Inpex and its partners had held a 5% participating interest in Petroindependencia, a joint venture company also involving a subsidiary of Venezuelan state-owned oil and natural gas company PDVSA.

Petroindependencia is the operator of the Carabobo project 3 which involves developing extra-heavy crude oil in the eastern sector of the Orinoco Belt of Venezuela.

Inpex did not disclose the identity of the buyer or the value of the deal. It said that the impact of this deal on its accounts will be minimal.