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Japan's Inpex, Mitsui Oil Exploration win license to develop Libiyan oil field

Japan's Inpex, Mitsui Oil Exploration win license to develop Libiyan oil field

TOKYO (AP) _ Japan's Inpex Holdings and Mitsui Oil Exploration said Monday they have jointly won a license to develop oil fields in western Libya.
Inpex is set to start work on an oil block near the western border of Libya early next year after signing a contract with Libya's state-owned National Oil Corp., according to an Inpex statement.
Tokyo-based Inpex will hold an 85 percent stake in the project, its third in Libya, while Mitsui Oil Exploration will hold 15 percent, the statement said. The companies did not disclose the value of the deal.
Japanese oil companies have been scrambling to secure access to Middle Eastern oil after recent setbacks. Earlier this year, Inpex cut its share in Iran's huge Azadegan oil field from 75 percent to about 10 percent.
That decision came amid pressure from the United States to be wary of investing in Iran, over its apparent determination to develop nuclear weapons. Iran insists its nuclear program is for civilian purposes only.


Updated : 2021-06-23 16:54 GMT+08:00