Gulf Oil and Gas accountACCOUNT

JOGMEC Provides Equity Financing to Kashagan Field Development

Source: www.gulfoilandgas.com 3/16/2018, Location: Asia

Japan Oil, Gas and Metals National Corp (JOGMEC) has announced that it will provide equity financing to INPEX North Caspian Sea (INCS), a subsidiary of INPEX, which holds a 7.56% equity interest in the Kashagan project.

Located in the Kazakhstan sector of the Caspian Sea, the Kashagan field with approx. 9-13 billion barrels of recoverable oil, known as the world's largest discovery in the past four decades, has achieved stable production since October 2016. The Kashagan project is operated by North Caspian Operating Company (NCOC), on behalf of a consortium of national and international oil companies including INPEX.

The Phase I development, or the Experimental Program, is still underway to ramp up oil production to a capacity of 370,000 barrels per day at the earliest possible. Beyond the Experimental Program, NCOC plans future development phases to gradually and significantly increase output volumes.

Since the establishment of INCS in 1998, JOGMEC, as Japan National Oil Corporation until 2005, has been continuing its financial supports to INCS, including equity investment covering exploration expenditures and gurantee for the initial development loan. Grant of JOGMEC development equity finance will allow INCS to raise capital required for further Kashagan development to boost production. This is the first-ever development investment since the amendement of the JOGMEC Law enacted in November 2016 where JOGMEC functions were enhanced to enable it.

JOGMEC’s continued supports to INCS will contribute to diversifying and increasing crude supply to Japan for a longer time through the further expansion of giant Kashagan.

Financials and Investment News in Kazakhstan >>

Indonesia >>  12/7/2018 - Marubeni Corporation (Marubeni) is pleased to announce that PT Jawa Satu Power, which is owned in consortium by Marubeni, PT Pertamina (Persero) (here...
Argentina >>  12/6/2018 - Further to the Company's announcement on 16 February 2018, Phoenix Global Resources, the upstream oil and gas company offering its investors an opport...

United Kingdom >>  12/3/2018 - Reabold, the oil and gas investing company, has exercised options to subscribe for 375,940 fully paid ordinary shares in the capital of Danube Petrole...
Brazil >>  11/22/2018 - A top aide to Brazilian president-elect Jair Bolsonaro said the new government would adopt concession contracts for lucrative pre-salt oil auctions, r...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kazakhstan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

Oil & Gas Projects in Kazakhstan >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.