Offshore staff

TOKYO – JOGMEC has agreed to provide equity financing to two Japanese oil companies for exploration offshore Vietnam.

Earlier this week Idemitsu and Sumitomo signed a production-sharing contract (PSC) with PetroVietnam for blocks 39 and 40/02 offshore southwest Vietnam.

JOGMEC will provide equity capital up to 50% covering the exploration expenditures incurred by the subsidiaries of both companies.

Idemitsu and JOGMEC acquired 2D seismic data and geochemical studies in the area between October 2011 and August 2013, giving Idemitsu the exclusive right to negotiate for the PSC with Sumitomo as a partner.

Source: Offshore Magazine