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Rosneft Attracts a Consortium of Japanese Companies to Undertake Joint Exploration

Source: www.gulfoilandgas.com 12/16/2016, Location: Asia

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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.

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."

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