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JOGMEC Provides Equity Financing for Petroleum Exploration Offshore Greenland
JOGMEC Provides Equity Financing for
Petroleum Exploration Offshore Greenland
PDF version of this page (105 KB)February 29, 2012
JOGMEC (President: Hirobumi Kawano) announced today that it has approved equity financing to Greenland Petroleum Exploration Co., Ltd.(“GreenPeX”) for the purpose of considering exercise of the preferential position under the KANUMAS project for the licensing round recently announced by the Government of Greenland and, if successfully awarded, subsequently participating in the challenging petroleum exploration to be carried out in certain license block(s) offshore Northeast Greenland.
Since 1989, JOGMEC, formerly known as Japan National Oil Corporation ("JNOC"), has been a member of the so-called KANUMAS project, a regional seismic program, including new data acquisition and preliminary studies for hydrocarbon potential offshore Greenland. The KANUMAS project has been sponsored by the KANUMAS Group, comprising Statoil, BP, ExxonMobil, Chevron, Shell, JOGMEC and NUNAOIL A/S (National Oil Company of Greenland). In return, each member of the KANUMAS Group was granted a special preferential position to be activated when a call for tenders for exploration and exploitation licenses is issued for the area concerned.
In December 2011, the Bureau of Minerals and Petroleum ("BMP") of the Government of Greenland announced the opening of the licensing rounds in the Greenland Sea, offshore Northeast Greenland, consisting of two successive rounds; a pre-round reserved for the KANUMAS Group members and an ordinary-round for others. The deadline for submission of the pre-round applications is on December 15, 2012, and the ordinary-round will be formally opened on June 15, 2013 after completion of the pre-round. For more information on the licensing rounds, please visit BMP's website at http://www.bmp.gl/home
GreenPeX was established dedicatedly for the possible participation in the pre-round, being entitled the preferential position as an affiliate of JOGMEC, and, expectedly, in the future exploration and development in the area.
While no commercial exploration activities have taken place in the Greenland Sea, seismic and other geophysical data indicate that large hydrocarbon deposits can be present in the area. It is a significant achievement of JOGMEC activities that a JNOC-initiated study has afforded a privilege among leading international oil companies and would be advancing to an acquisition of high-potential acreage. It is also expected this project will reinforce Japan’s energy security when successful.
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