Jogmec to Invest Y1 Bln in UK Offshore Exploration Project

TOKYO (Dow Jones Newswires), April 10, 2009

Japan Oil, Gas and Metals National Corp. said Friday it will invest about Y1 billion from now through 2012 in an offshore exploration project in the U.K., in which Japan's Idemitsu Kosan Co. has a 10% stake.

The government-backed body, better known as Jogmec, since 2006 has financially supported energy exploration projects involving Japanese companies to enhance Japan's energy security.

The block in the U.K., off Shetland, is named 204/13 and "sizable oil reserves are expected, which would help grow Japanese companies' oil and gas exploration businesses," Jogmec said in a statement.

Austria's OMV AG has a 50% stake in the block as the operator. Dana Petroleum PLC owns a 30% stake, while Faroe Petroleum holds the remaining 10%.

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