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Japan extends oil rights pact with UAE www3.nhk.or.jp
Japan and the United Arab Emirates have agreed to extend a Japanese company's interests in an oil field off the coast of the Middle Eastern country.
Japan's Economy, Trade and Industry Minister Hiroshige Seko finalized the deal in a meeting with Sultan Ahmed Al Jaber, CEO of the Abu Dhabi National Oil Company, in the UAE on Sunday.
Tokyo-based INPEX Corporation will also get rights to two smaller offshore oil fields for 25 years. These rights had been set to expire in March 2018.
Japan also faces expiration of interests in larger offshore fields in the UAE. These account for a quarter of Japan's output from self-developed oil fields worldwide.
In an effort to get those rights extended, Seko met with other leaders with influence with National Oil Company.
Seko said negotiations will go into full swing soon, and that Japan is ready to compete as Chinese and American companies are also looking to develop the same fields. He highlighted Japan's financial and environmental contributions to the UAE.
Published Date:2017-01-16
