Inpex reports H1 loss after booking $1.8 bln writedown amid pandemic

Credit: REUTERS/KIM KYUNG-HOON

Japan's biggest oil and gas explorer, Inpex Corp, on Thursday reported a net loss for the January-June half after booking a 192.4 billion yen ($1.82 billion) writedown on its oil and gas assets due to slumping prices amid the COVID-19 pandemic.

TOKYO, Aug 6 (Reuters) - Japan's biggest oil and gas explorer, Inpex Corp 1605.T, on Thursday reported a net loss for the January-June half after booking a 192.4 billion yen ($1.82 billion) writedown on its oil and gas assets due to slumping prices amid the COVID-19 pandemic.

It also revised its annual earrings forecast to a net loss of 136 billion yen from its earlier estimate of a net profit of 10 billion yen.

The massive writedown included 130.8 billion yen on its stake in the Prelude floating liquefied natural gas (LNG) project in Australia, but the company did not book an impairment loss on its Ichthys LNG project, also in Australia.

($1 = 105.5000 yen)

(Reporting by Yuka Obayashi; Editing by Kevin Liffey)

((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))

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