Wednesday, September 25, 2013
Inpex, Itochu Buy Into Siberian Oil Project
The oil company and the trading house have bought stakes in a subsidiary of the government-backed Japan Oil, Gas and Metals National Corp. (JOGMEC) that has been prospecting on two onshore blocks in Russia's Irkutsk Oblast since 2009. The Bolshetirsky and Zapadno-Yaraktinsky blocks cover some 8,000 sq. km.
The unit, Japan South Sakha Oil Co., has found oil there with its local partner, Irkutsk Oil Co. Having finished the first phase, JOGMEC auctioned off shares in the subsidiary to open the project to the private sector.
Inpex, which took a 12.4% stake, and Itochu, which bought a 12.6% piece, will drill new exploratory wells. If enough oil is found for development, it could be exported to Japan.
(The Nikkei, Sept. 25 morning edition)