Japan Oil, Gas and Metals National Corporation (JOGMEC) and Irkutsk Oil Company (INK) signed Framework Agreement on new joint exploration project in East Siberia on September 7, 2017 at venue of Eastern Economic Forum in Vladivostok.
JOGMEC and INK agreed the basic ideas for new joint exploration project in East Siberia for 5 new blocks, and signed the Framework Agreement on September 7, 2017 at venue of Eastern Economic Forum in Vladivostok.
Framework Agreement is a legally binding document, which formalizes previously achieved arrangements between JOGMEC and INK. As part of new joint project, the parties participate joint stock company INK-Krasnoyarsk.
JOGMEC and INK started the joint exploration projects in East Siberia in 2007 (INK-Sever) and 2009 (INK-Zapad), and four hydrocarbon fields have been discovered since then. Following successful achievements of the projects, JOGMEC invited Japanese private companies to join one of the JVs in 2013, and now JOGMEC still provides strong support to this project. It should be specially mentioned that Ichyodinskoye oil field, which is one of the field discovered by INK-Zapad, migrated to the Production Phase in December 2016 and has started commercial production.
For further development of cooperative partnership between JOGMEC and INK, the parties signed the Memorandum of Understanding (December 2016) and Heads of Agreement (April 2017) on new joint exploration project.
JOGMEC expects this project contribute to the further progress of cooperation between Japan and Russia and to the improvement of energy security for Japan.
