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Heads of Agreement signed between JOGMEC and INK on new joint exploration project

April 27, 2017

Japan Oil, Gas and Metals National Corporation (JOGMEC) and Irkutsk Oil Company (INK) signed Heads of Agreement on the new joint exploration project in East Siberia on April 27, 2017 in Moscow.

JOGMEC and INK started the joint exploration projects in East Siberia in 2007 (INK-Sever) and 2009 (INK-Zapad), and four hydrocarbon fields have been discovered since then. Following successful achievements of the projects, JOGMEC invited Japanese private companies to join one of the JVs in 2013, and now JOGMEC still provides strong support to this project. It should be specially mentioned that Ichyodinskoye oil field, which is one of the field discovered by INK-Zapad, migrated to the Production Phase in December 2016 and has started commercial production.

For further development of cooperative relationship between JOGMEC and INK, the parties agreed the basic ideas for new joint exploration project in East Siberia for at least 5 new blocks, and signed the Heads of Agreement on April 27, 2017. JOGMEC and INK vowed to accelerate the working-level meetings. The parties anticipate that the total investments into such blocks for acquisition and exploration works within the period until 2021 (inclusive) will amount to not less than 100 million USD. JOGMEC expects this project contribute to the further progress of cooperation between Japan and Russia and to the improvement of energy security for Japan.

Background Information

Corporate Data Irkutsk Oil Company LLC
(Russian:Irkutskaya Neftyanaya Kompanlya (“INK”))
Date of Establishment November 27,2000
Head Office Irkutsk, Russia
Chairman of the Board of Directors Mr. Nikolay Buynov
CEO Ms. Marina Sedykh

INK holds a group of companies (INK Group) conducting geological study, exploration and production of hydrocarbons in 24 license blocks in East Siberia including Irkutsk region and Yakutia (Republic of Sakha). The Group has a record of four shareholders – the European Bank for Reconstruction and Development, Goldman Sachs International, and two Russian entities.

INK Group is a private organization which employs more than 6,000 people and has in-house drilling and work-over units.

Since its foundation in 2000 the INK Group has been demonstrating extraordinary results, such as the 250 times increase of oil production. The 2016 production of the Group reached 7,802 million tons of oil and gas condensate. As of today, the Group’s cumulative production is more than 26 million tons of oil and gas condensate and current monthly production exceeds 700,000 tons.

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