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JOGMEC Provides Equity Financing to JX for a natural gas exploration project offshore Qatar

May 28, 2014

 JOGMEC (President: Hirobumi Kawano) announced today that it will provide equity financing to JX Nippon Oil & Gas Exploration (Qatar) Limited, established by JX Nippon Oil & Gas Exploration Corporation(“JX”), which acquired the 100% operating interest in the exploration block “A” (Pre-Khuff) offshore the State of Qatar.
 In May 2011, JX Nippon Oil & Gas Exploration (Qatar) Limited has signed an Exploration and Production Sharing Agreement with the Government of the State of Qatar to acquire the 100% operating interest in the aforementioned block. JOGMEC will provide equity capital covering the exploration expenditures incurred by the JX subsidiary for the project.
 
 E&P activities in Middle East is one of JX’s candidate areas of strategic focus and also we expect the project will strengthen the bilateral relationship between Japan and Qatar.

Background Information

Corporate Data

JX Nippon Oil & Gas Exploration (Qatar) Limited
Date of Establishment April 6, 2011
President Mr. Kemmei Nakata
Shareholders after JOGMEC’s funding JX (Voting rights more than 51%)
JOGMEC (Voting rights less than 49%*)
*shall not exceed 49% of the capital of the subsidiary

Participating Interest

Date of Establishment 100% (Operator)

JOGMEC Assistance

Date of Approval April 24, 2014
Estimated Amount of Equity Financing approximately JPY 11.7 Billion
Note: Approval has been made in accordance with JOGMEC’s technical, economic, and business-environment criteria and the consent from the Minister of Economy, Trade and Industry has been obtained.

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