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JOGMEC Provides Equity Financing to INPEX’s Exploration Project in Abu Dhabi
JOGMEC Provides Equity Financing to INPEX’s Exploration Project in Abu Dhabi
PDF version of this page (192 KB)June 17, 2022
Japan Oil, Gas and Metals National Corporation （“JOGMEC”） announced that it will provide equity financing in return for 49% of the share capital in JODCO Exploration Limited （“JODCO Exploration”）, a wholly owned subsidiary of INPEX CORPORATION （“INPEX”）, which was awarded exploration rights and operatorship for the Onshore Block 4 concession in the 2018 Abu Dhabi Block Bid Round in the United Arab Emirates （“UAE”）.
In addition to the appraisal of existing discoveries, JODCO Exploration will identify potential hydrocarbon-bearing structures following the high-resolution 3D seismic survey conducted by the Abu Dhabi National Oil Company （“ADNOC”）.
As approximately 30% of Japan’s crude comes from the UAE, both countries have been strengthening and expanding their collaborative relationship in various fields for decades. JOGMEC, including its predecessor Japan National Oil Corporation （“JNOC”）, started its relationship with ADNOC in 1973. In that year, JNOC-led company JODCO （currently, INPEX’s subsidiary） participated in the Umm Shaif and the Lower Zakum fields. More recently, in 2015, JOGMEC provided equity financing to JODCO Onshore Limited, which holds a 5% stake in the producing Abu Dhabi Onshore Concession. JOGMEC continues the technical cooperation and human resource development with respect to the Abu Dhabi energy sector.
This project, expected to unlock the significant hydrocarbon potential in Abu Dhabi, has the potential to support a stable supply of crude to Japan from Abu Dhabi as well as to further strengthen the bilateral relationship between the UAE and Japan.
As approximately 30% of Japan’s crude comes from the UAE, both countries have been strengthening and expanding their collaborative relationship in various fields for decades. JOGMEC, including its predecessor Japan National Oil Corporation （“JNOC”）, started its relationship with ADNOC in 1973. In that year, JNOC-led company JODCO （currently, INPEX’s subsidiary） participated in the Umm Shaif and the Lower Zakum fields. More recently, in 2015, JOGMEC provided equity financing to JODCO Onshore Limited, which holds a 5% stake in the producing Abu Dhabi Onshore Concession. JOGMEC continues the technical cooperation and human resource development with respect to the Abu Dhabi energy sector.
This project, expected to unlock the significant hydrocarbon potential in Abu Dhabi, has the potential to support a stable supply of crude to Japan from Abu Dhabi as well as to further strengthen the bilateral relationship between the UAE and Japan.
Background Information
| Corporate Data | JODCO Exploration Limited |
|---|---|
| Date of Establishment | February 6, 2019 |
| Director | Mr. Hiroshi Fujii |
| Shareholders after JOGMEC’s funding | INPEX （51%） JOGMEC （49%） |
Note
INPEX will retain the majority stake in the subsidiary and will continue to be the Concession operator.
Contract Area
Onshore Block 4
Participating Interest
| JODCO Exploration Limited（Operator） | 100% |
JOGMEC Assistance
| Date of Approval | March 22, 2021 |
|---|
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.
Location of Contract Area
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