Inpex, Rosneft to Explore for Oil, Gas in Sea of Okhotsk

Japan’s Inpex Corporation and Russia’s Rosneft have inked a deal to develop oil and gas blocks in Sea of Okhotsk.

The two companies will jointly explore and develop the exploration blocks, Magadan 2 and 3 blocks offshore Magadan city, the city of Far Eastern region of Russian Federation. The offshore Magadan area including the blocks is a frontier area which is expected to have largely unexplored oil and gas potential. Estimated recoverable resources of the two blocks stand at 1,577 million tonnes of oil equivalent.

Once the final agreement is executed, Inpex and Rosneft will establish joint venture companies, with the Japanese firm holding 33.33% stake.

In order to enhance the E&P asset portfolio, Inpex will actively pursue to participate in prospective areas including frontier areas where large-scale oil and gas reserves are expected, the company said in a statement.