Japanese Companies to Look for Oil and Arctic

December 24, 2013

Major Japanese energy developers will participate in an oil exploration project in the Arctic for the first time, KUNA reported on December 23, citing a leading business daily in Tokyo.

Japan's largest oil explorer Inpex Corp. and the upstream subsidiary of the country's top oil firm JX Holdings have set up a joint venture with three other energy developers, including the government-affiliated Japan Oil, Gas and Metals National Corp. (Jogmec), the Nikkei Shimbun said.

The venture won two exploration blocks in Greenland jointly with US oil giant Chevron, Anglo-Dutch oil major Royal Dutch Shell and a local company from the local government through a bidding process, the newspaper said.

Copyright: KUNA, 2013