Inpex, Rosneft to develop offshore oil fields -report

TOKYO Tue May 28, 2013 7:56pm EDT

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TOKYO May 29 (Reuters) - Japan's Inpex Corp and Russia's state-controlled oil company Rosneft will sign an agreement on Wednesday for the joint development of two oil fields off the Russian port of Magadan in the Okhotsk Sea, the Yomiuri newspaper said on Wednesday.

The agreement is for the development of Magadan 2 and Magadan 3 fields, and the estimated reserves are around 1.2 billion barrels, the report said. The Japanese side will acquire one third of the stakes, it added, citing unidentified Japanese and Russian sources. (Reporting by Osamu Tsukimori; Editing by Paul Tait)

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