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Loan for Kashagan Oil Field Development Project in North Caspian Sea
Supporting Diversification of Japan's Energy Supply Sources

  • Region: Asia
  • Energy and Natural Resources
  • Overseas Investment Loans
NR/2012-118
January 21, 2013
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a loan agreement amounting up to 231 million U.S. dollars (JBIC portion) with INPEX North Caspian Sea, Ltd. (the "Company") in which INPEX CORPORATION and others have equity stakes. The loan is cofinanced with Mizuho Corporate Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Banking Corporation.
     
  2. The loan follows the two previous loans signed with the Company in October 2005 and March 2010.*1 It is intended to finance the development of the offshore Kashagan Oil Field (the "Oil Field") in the Kazakhstan-controlled area of the North Caspian Sea. The Oil Field is being developed by an international consortium formed by the Company, ENI (Italy), ExxonMobil (U.S.), KazMunaiGaz (Kazakhstan), Royal Dutch Shell (Britain and Netherlands), Total (France) and ConocoPhillips (U.S.).
     
  3. The Oil Field, which is one of the world's large-scale oil fields, is drawing increased attention from the world as a new energy source located outside the Middle East. Since the Company acquired a participating interest in the Offshore North Caspian Sea Contract Area in September 1998, it has engaged in developing the Oil Field as a member of the aforementioned international consortium. The loan will serve to diversify energy supply sources for Japan, as it is highly dependent on the Middle East for crude oil. The Oil Field will begin crude oil production by the middle of 2013, and phased development is being planned thereafter.
     
  4. JBIC will continue to actively support Japanese companies for developing and acquiring interests in natural resources, such as crude oil, thereby contributing to Japan's energy security.
Note
  1. *1 See Press Release on October 27, 2005 and Press Release on March 2, 2010.

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