| GEO World | | Japan, Russia to jointly develop Siberian oil fields | Updated at: 1417 PST, Tuesday, May 12, 2009
TOKYO: Japanese and Russian energy companies signed a deal Tuesday to jointly develop two major oil fields in eastern Siberia, the Japanese partner in the agreement said.
The deal, which was inked on the margins of a visit here by Russian Prime Minister Vladimir Putin, will help resource-poor Japan diversify its energy sources, said the Japan Oil, Gas and Metals National Corp.
The Nikkei business newspaper earlier reported that the project would cost 15 billion yen (152.6 million dollars) in its initial phase. The Japanese state-run company said it would hold 49 percent and Russia's Irkutsk Oil Co. would hold the remainder of the project to develop the fields, believed to hold up to several hundred million barrels.
"The eastern Siberia region is geographically close to Japan and expected to hold large amounts of crude oil and natural gas," it said.
TOKYO: Japanese and Russian energy companies signed a deal Tuesday to jointly develop two major oil fields in eastern Siberia, the Japanese partner in the agreement said.
The deal, which was inked on the margins of a visit here by Russian Prime Minister Vladimir Putin, will help resource-poor Japan diversify its energy sources, said the Japan Oil, Gas and Metals National Corp.
The Nikkei business newspaper earlier reported that the project would cost 15 billion yen (152.6 million dollars) in its initial phase. The Japanese state-run company said it would hold 49 percent and Russia's Irkutsk Oil Co. would hold the remainder of the project to develop the fields, believed to hold up to several hundred million barrels.
"The eastern Siberia region is geographically close to Japan and expected to hold large amounts of crude oil and natural gas," it said.
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