JOGMEC Plans LNG Investments

Lookout for stable gas supply for Japan has seen the state-run JOGMEC consider a possibility of doubling the investment in oil and gas resources in the long term. 

JOGMEC’s president Hirobumi Kawano told Reuters that the company would focus on boosting investment in LNG assets due to the demand rise in Japan.

Japan’s LNG imports have been rising steadily after it shut all its nuclear reactors in the aftermath of the earthquake and tsunami in 2011.

The country paid a record $68.98 billion for the 87.49 million tonnes of LNG it has imported in 2013.

Kawano also said that JOGMEC would continue to support Japanese energy companies as they look to compete with overseas rivals.

“We are not a commercial institution and have no intention of becoming a resource major. Our role, however, is to help Japanese upstream companies grow to be able to compete with resource giants.”

[mappress]

LNG World News Staff, June 19, 2014; Image: JOGMEC