Rosneft inks offshore exploration deal with Japanese consortium

Russian oil firm Rosneft has signed an offshore exploration deal with a consortium of Japanese companies.

The memorandum of agreement was signed in Japan between Rosneft and the consortium comprising Inpex, Jogmec, and Marubeni.

As per the agreement, the companies will cooperate on the joint exploration, development and production of the hydrocarbons “at a license block in an offshore zone of the Russian Federation.”

No details on the location of the offshore area, nor on the timing of the expected start of exploration works were given.

“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,” Rosneft said in a statement.

The document of the agreement 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.

Rosneft’s 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.”

The Kremlin has informed, citing Russian president Putin, that Japanese and Russian firms have signed over 50 new agreements and commercial contracts during the visit.

Offshore Energy Today Staff

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