Nippon Oil Exploration Company significantly increases overseas oil and gas investment

According to Nikkei news in Tokyo, Japan Petroleum Exploration Company (JApex) is accelerating overseas oil and gas development investment, aiming to increase oil and gas supply capacity to benefit from the current high oil and gas prices.

Japex has planned to invest 280 billion yen (US$2.52 billion) in fiscal year 2011 to fiscal year 2015, of which 170 billion yen will be invested in overseas markets, an increase of 90% over the previous five years. Currently, the company has three major projects in progress overseas: the oil sands production project in Canada, the Gharraf oilfield development in Iraq, and the Kangean oil and gas field development in Indonesia.

By increasing its overseas investment, Japex hopes that its overseas oil and gas production will reach 70,000 barrels of oil per day by the end of FY2015, which is currently 40,000 barrels per day.

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