Cosmo would most likely sell its stake to either Japan Petroleum Exploration Co., Itochu or Marubeni. Cosmo Oil owns a 1.13% stake in Sakhalin Oil & Gas Development Co., or SODECO, which holds 30% of the drilling rights in the Sakhalin-1. Cosmo estimates the value of the drilling rights at Y250 million
"We have actively taken part in the projects in the UAE and Australia...Liquidating a partial stake in the Sakhalin-1 will help us place our oil development business focus there," a Cosmo company spokesperson said.
The Sakhalin-1 oil development project is being carried out by a consortium led by ExxonMobil Corp. The consortium plans in late 2005 to start commercial oil production in Sakhalin-1 offshore oil and gas field, with output expected to reach a maximum of 250,000 barrels a day of low-sulfur, light crude oil.
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