Russian oil giant Rosneft has signed a cooperation agreement with Japan's Inpex Corporation to jointly explore two blocks in Russia's Sea of Okhotsk.
The agreement, signed by Igor Sechin, Rosneft president and chairman, and Toshiaki Kitamura, president and CEO of Inpex, will see the two firms set up a joint venture to explore the Magadan-2 and Magadan-3 blocks.
The two blocks, in the northern part of the Sea of Okhotsk in water depths of 120-180m, have estimated recoverable resources of 1,577 million tonnes of oil equivalent, according to Rosneft.
Inpex will hold a 33.33% stake in the project.
Gazprom and Statoil also have licences in the Sea of Okhotsk. In May 2012, Statoil agreed a joint venture agreement with Rosneft to explore in areas including the Magadan 1, Lisyansky and Kashevarovsky blocks in the Sea of Okhotsk.
Sechin says: “Russian Far East is one of the key regions of Rosneft operation. Signing the agreement with Inpex - one of the leading Japanese oil and gas companies – once again proves Rosneft’s commitment to developing its business in the region. Partnership between Rosneft and INPEX will contribute significantly not only to the development of the Russian Far East, but also to the development of economic relations between Russia and Japan, and will strengthen energy security of our partners."