Indonesia M&A – INPEX acquires 50% interests in Agung I and Agung II from BP

(Originally posted on September 15, 2026)

INPEX has acquired a 50% participating interest in each of the Agung I and Agung II exploration PSCs from bp, strengthening a partnership between the two companies that has been expanding across Indonesia.

Indonesia's Minister of Energy and Mineral Resources approved the transfer on 7 September 2026. Following the transaction, the participating interests in both PSCs are bp (50% + operator) and INPEX (50%). We have not seen any disclosure of the transaction value, back-cost reimbursement or any exploration carry associated with the transfer.

The deal comes at an interesting point in the exploration programme. bp has already completed a significant phase of seismic acquisition and interpretation across the Agung acreage, while bp, INPEX and SKK Migas are now preparing a further seismic programme ahead of potential exploration drilling.

More broadly, the transaction further strengthens a growing upstream partnership between bp and INPEX in Indonesia. Earlier this year, the companies jointly secured the nearby Barong PSC, with INPEX holding 51% and operatorship and bp 49%. They are also both involved in the Gaea and Gaea II exploration PSCs near Tangguh, while INPEX has long held an indirect interest in the bp-operated Tangguh LNG project.