MOSCOW, June 7 Gazprom Neft and
Japan's JOGMEC will start jointly producing oil in East Siberia
in 2016, the head of the Russian company said on Friday.
Gazprom Neft, the oil arm of Russian gas giant Gazprom
, and Japan Oil, Gas and Metals National Corp (JOGMEC)
last year agreed to team up in the Chonsk project to develop oil
and gas in East Siberia, a region with huge untapped hydrocarbon
Alexander Dyukov, Chief Executive Officer of Gazprom Neft,
said the project, with 130.5 million tonnes of proven oil
reserves under Russian classification and 230.9 billion cubic
metres of gas, will start oil production in 2016.
JOGMEC, which was formed in 2004 when Japan's separate
energy and mineral explorers merged, spent over $1 billion of
investment in overseas oil and gas projects last year.
Its role became more pressing after the 2011 Fukushima
crisis prompted the shutdown of Japan's nuclear capacity that
accounted for a third of total power supplies in Japan.
JOGMEC has 49 percent in the East Siberia project and is
committed to finance most of $100 million slated for
(Reporting by Katya Golubkova; writing by Vladimir Soldatkin,
editing by William Hardy)