Japanese companies boost investment in oil and gas sector
Saturday, March 12 2005 - 03:52 AM WIB
A number of Japanese companies will further boost their overseas investment in oil and gas related projects in a number of countries including Indonesia, Media Indonesia reported on Saturday.
For the period of between 2005 and 2007, the Japanese companies will spend at least two trillion yen in oil and gas related projects including the development of new liquefied natural gas (LNG) plant in Indonesia.
Most of the investment funds will be used for the development of oil and gas fields in the Middle East. The new investment is expected to increase their crude oil production by 50 percent to reach 1.8 million barrels per day within the next few years.
A consortium of Japanese companies including Mitsubishi Corp, Nippon Oil Corp., Sumitomo Corp., Sojitz Holding Corp, Kometsu Corp and Inpex Corp will cooperate with BP Plc and CNOOC to develop a LNG plant in Papua, Indonesia. (*)