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News // Economy

Rosneft signs agreement with Japan on offshore oil production

16 December 2016 , 18:44Neftegaz.RU932

Rosneft and a consortium of Japanese companies comprising Marubeni Corporation, Japan Oil, Gas and Metals National Corporation (JOGMEC) and INPEX Corporation have signed a Heads of Agreement in relation to cooperation on the joint exploration, development and production of the hydrocarbons at a license block in an offshore zone of the Russian Federation, Rosneft says December 16, 2016, in a press release.

 

The document was signed on the sidelines of the official visit of the President of Russia Vladimir Putin to Japan by Rosneft Chief Executive Officer Igor Sechin, Marubeni Corporation President and CEO Fumiya Kokubu, JOGMEC President Keisuke Kuroki and INPEX Corporation President and CEO Toshiaki Kitamura.

The reached agreements confirm the successful implementation by Rosneft of its strategy to attract partners into offshore projects. This enables the company to monetize its stakes in promising projects and accelerate their development. Engaging strategic partners, leaders of the global oil and gas industry, in Russian offshore projects will also ensure effective hydrocarbon exploration and production and allow sharing the geological risks between the parties.

 

Following the signing, Igor Sechin said: «This is aimed at the efficient monetization of oil and gas resources, among others at the perspective market of Japan, and is a logical continuation of the agreements between the Russian President and the Japanese Prime Minister to strengthen and develop Russian-Japanese relations

Marubeni is involved in the handling of products and provision of services in a broad range of sectors. These areas encompass importing and exporting, as well as transactions in the Japanese market, related to food materials, food products, textiles, materials, pulp and paper, chemicals, energy, metals and mineral resources, transportation machinery, and includes offshore trading.

The Company's activities also extend to power projects and infrastructure, plants and industrial machinery, finance, logistics and information industry, and real estate development and construction.

Additionally, Marubeni conducts business investment, development and management on a global level.

 

Japan Oil, Gas and Metals National Corporation (JOGMEC) was established on February 29, 2004 by the Government of Japan, integrating Japan National Oil Corporation (JNOC) and the Metal Mining Agency of Japan (MMAJ), in order to secure stable supplies of energy and natural resources to Japan.  It covers broad range of functions, such as financial and technical support to the Japanese oil & gas companies, metal mining companies, geothermal development companies and coal mining companies; geological survey for oil & gas development; stockpiling of oil, gas and mineral resources; mine pollution control; R & D in oil & gas development and mining.  With regard to the oil & gas E&P field, JOGMEC supports more than 40 projects all over the world.

 

INPEX Corporation is Japan’s largest exploration and production (E&P) company, and a mid-tier E&P player just behind the world’s oil majors. INPEX is currently involved in approximately 70 projects across more than 20 countries, including the Ichthys LNG Project in Australia as Operator. Through sustainably growing its oil and gas development business, INPEX aims to become a top class international oil and gas E&P Company and continue providing a stable and efficient supply of energy to its customers.

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