TOKYO, Jan 21 (Reuters) - Japanese oil refiner Cosmo Oil Co and Spanish oil firm Cepsa have agreed to work together on crude and natural gas development, Japan's Nikkei business daily said on Tuesday.
The two companies will co-develop oil fields in the Middle East and Latin America, and Cosmo will consider starting gas development with technical support from Cespa, the Nikkei reported.
The deal would help Cosmo boost its upstream oil production from around 20,000 barrels a day, the report said.
Cepsa is wholly-owned by Abu Dhabi state-owned investment vehicle International Petroleum Investment Co (IPIC), which is also a top shareholder in Cosmo with a 20.8 percent stake.
Cosmo has been losing money in its domestic downstream oil business partly due to a number of unplanned refinery outages and declining oil demand in Japan.
Cosmo said it would announce a comprehensive oil business tie-up at 0900 GMT, without naming which firm it would work with.
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)
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