Japan Petroleum Exploration Company Ltd. (Japan)

 

 

 

Date: 2003 - Ongoing

Deal: International Oil Daily reported that a Japanese consortium including Japan National Oil Corporation, Inpex, and Japan Petroleum Exploration Company Ltd. (Japex), acquired a 20 percent stake in a project developing two offshore Iranian oil fields. The fields, Nowruz and Soroosh, cost $800 million to develop, and were estimated to produce 190,000 bpd by the end of 2003. Japex holds 41.67 percent of the consortium (International Oil Daily, January 20, 2003, accessed via Nexis).

Royal Dutch Shell holds 70 percent of the project, according to Japex’s website (Japan Petroleum Exploration Co. Ltd. Company Website, accessed March 18, 2013).

According to International Oil Daily, after signing on to the project, Shell brought in Iranian company Oil Industries Engineering & Construction (OIEC), which IS affiliated with the National Iranian Oil Company (NIOC) and holds 10 percent of the project (International Oil Daily, January 20, 2003, accessed via Nexis).

Japan Petroleum Exploration Company notes on its website that it plans to close the project pending final compensation from NIOC (Japan Petroleum Exploration Co. Ltd. Company Website, accessed March 18, 2013).

Date: 2004 - 2010

Deal: According to Oil & Gas Journal, in February 2004 Japan Petroleum Exploration Company Ltd. entered into a consortium with Japanese companies Inpex Corp and Tomen Corp to sign a $2 billion deal with Iran to develop a major oilfield in Azadegan, located on the Iraq-Iran border. The Azadegan oilfield holds reserves estimated at 35 billion barrels (Oil & Gas Journal, March 25, 2004).

However, the deal dissolved in 2010, when Inpex and the government of Japan, which owns part of Japan Petroleum Exploration Company Ltd., withdrew from the deal, citing fears of being subjected to U.S. sanctions, Oil & Gas Journal reported (Oil & Gas Journal, September 30, 2010).

U.S. Business Ties: According to USAspending.gov, Japan Petroleum Exploration Company has never received any federal funding (USAspending.gov, accessed July 9, 2014).

Last Updated: July 9, 2014