JOGMEC to pay for JX Nippon’s drilling offshore Qatar
Japan’s JOGMEC will provide equity financing to JX Nippon Oil & Gas Exploration (Qatar) Limited for exploration project offshore Qatar.
JX Nippon Oil & Gas Exploration (Qatar) Limited was established in 2011 by JX Nippon Oil & Gas Exploration Corporation(“JX”).
In May 2011, JX Nippon Oil & Gas Exploration (Qatar) Limited signed an Exploration and Production Sharing Agreement with the Government Qatar to acquire the 100% operating interest in the exploration block “A” (Pre-Khuff) offshore Qatar.
JX Nippon in December 2013 hired the Al Khor jack-up drilling rig to drill the JXQA-1 exploration well in the licence. The well is scheduled to be drilled in the second quarter of 2014.
Japan Oil Gas and Metals National Corporation (JOGMEC) will provide equity capital covering the exploration expenditures incurred by the JX subsidiary for the project. The value of the financing agreement is estimated at around $115 million.