facebook
twitter
search
search

Rosneft eyes Far East oil wth Inpex

May 30, 2013 at 7:45 AM
Sign up for our Energy Newsletter

MOSCOW, May 30 (UPI) -- Russian oil company Rosneft announced it signed a deal with Japan's Inpex Corp. to explore areas off Japan's western coast.

Rosneft signed the deal with Inpex to explore the Magadan-2 and Magadan-3 offshore blocks in the Russian waters of the Sea of Okhotsk.

"Russian Far East one of the key regions of Rosneft operation," Rosneft President Igor Sechin said in a statement. "Signing the agreement with Inpex, one of the leading Japanese oil and gas companies, once again proves Rosneft's commitment to developing its business in the region."

Rosneft estimated the reserve potential for the blocks at around 11.3 billion barrels of oil equivalent.

Inpex will finance exploration through a joint venture with Rosneft. Inpex will have a 33.3 percent stake in the offshore blocks.

Japan imports nearly all of its oil. Sechin said the partnership with Inpex would help with Russian efforts to focus more on the Far East and expand the bilateral economic relationship between Russia and Japan.

Related UPI Stories
Topics: Igor Sechin
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Report: Clinton Foundation subpoenaed by State Dept. watchdog over charity projects
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting