Japex, Mitsubishi to invest US$400m in Kangean Block

A Japanese consortium comprising Japan Petroleum Exploration (Japex) Co Ltd and Mitsubishi Corp. has signed a cooperation deal with JSX-listed oil and gas firm PT Energi Mega Persada (EMP) to jointly operate an oil and gas field in Kangean block, East Java.

Japex?s president director and CEO Yuji Tanahashi said in Jakarta Thursday that with the ownership of 50 percent shares in the Kangean block, Japex and Mitsubishi Corp plan to boost production to 60,000 barrel oil equivalent per day (BOE/D) from the present 10,000 BOE/D within the next three and five years.

?To reach the target, the consortium will invest another US$400 million in the block,? he said following a meeting with Vice President Jusuf Kalla. (*)