JAPEX to Supply Oil to Japan Firms in East Asia: Pres.

Tokyo, Jan. 30 (Jiji Press)--The recent acquisition of rights to
develop an oil field in Iraq will enable Japan Petroleum Exploration Co.
<1662>, or JAPEX, to provide stable supply of crude oil to Japanese firms
operating in East Asia, President Osamu Watanabe has said.

In a recent interview, Watanabe stressed the importance of stable
oil supply to Japanese companies in East Asia, where oil demand is growing
amid high economic growth. East Asia is becoming a driving force for the
global economy, he said.
Earlier in January, JAPEX and Malaysia's state-run oil producer
Petronas signed a contract with Iraq's Oil Ministry on a development project
in the Garraf field in southern Iraq.
JAPEX, the first Japanese firm to engage in oil exploration in
Iraq, acquired a stake of 30 pct in the project.
For JAPEX, the Garraf field will produce more than five times as
much oil as the company's current overall output in each of the coming 20
years, Watanabe said. It is important that East Asia including Japan will be
supplied with 230,000 barrels a day, or 5 pct of Japan's overall imports, he
added.
Watanabe attributed the Japanese developer's successful bid for the
Garraf deal mainly to long-term cooperation with Iraq. JAPEX has conducted a
joint study on oil development with the Iraqi government since the mid-1990s
and received 500 Iraqi trainees, he said.
The president also praised the leadership of consortium partner
Petronas.
Asked about negotiations with Iraq over development in the East
Baghdad field, Watanabe said he is calmly waiting for a decision by Iraq.
Iraq has decided to raise daily output in the field by 10 million
barrels, alleviating its sense of urgency about recovering output, Watanabe
said. Iraq may not depend on foreign capital for an output increase, he
said.


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