Inpex, Rosneft to sign deal on joint exploration

5/28/2013

Inpex, Rosneft to sign deal on joint exploration

TOKYO -- Rosneft and Inpex will sign an accord on joint exploration of Russian oil and gas fields, Japan's Ministry of Economy, Trade and Industry said.

Visiting Rosneft President Igor Sechin will ink the agreement with Inpex President Toshiaki Kitamura after the two hold talks on cooperation.

The Yomiuri Shimbun reported Russia and Japan are looking to start talks on joint development of offshore oil resources near Magadan in the Sea of Okhotsk in Russia's far east, citing a source involved in Japan-Russia ties. The report said the two companies will sign an agreement to work towards joint development.

The Yomiuri said the agreement will cover the Magadan-2 and Magadan-3 fields, which it said have estimated oil reserves of 3.4 Bbbl. After relevant surveys are completed in 2017, the fields would start producing oil in the mid 2020s, the report said, adding that the Japanese government would provide full support for the project.

Dow Jones Newswires

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