Kuala Lumpur: Japan's Inpex has agreed to sell a 25% stake in the deep water Block S in offshore Malaysia to Australian oil and gas producer Santos, reducing Inpex’s stake in the block to 50%. Petronas owns the remaining 25%.

Inpex has conducted a three-dimensional seismic survey and geological studies in Block S, and plans to drill wildcat wells this year for new discovery of oil and natural gas deposits, the company said in a statement.  [02/09/14]