Japanese firms, Rosneft, link up for offshore exploration

Three Japanese companies have agreed on a project to jointly explore for oil and gas southwest of Sakhalin Island, working with Russia's Rosneft. 

The firms, Japan Oil, Gas and Metals National Corp. (JOGMEC), Inpex Corp and Marubeni Corp. will explore the southwestern offshore area, in Russian territory off Sakhalin Island, close to Japanese waters, under a heads of agreement with Rosneft.

As a part of the cooperation, the three Japanese companies are considering deploying a seismic vessel, Shigen, which is owned by the Agency for Natural Resources and Energy of Japanese Ministry of Economic, Trade and Industry, as well as a scheme of overseas geological and geophysical survey by JOGMEC.

The deal confirms the successful implementation by Rosneft of its strategy to attract partners into offshore projects, in addition to enabling the company to monetize its stakes in promising projects and accelerate its development, the Russian company 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," Igor Sechin said.