nippon oil

Japanese giant lines up $5bn spend
Japanese JX Holdings plans to invest about 500 billion yen ($5.37 billion) over the next three fiscal years on the exploration and development of copper mines and oilfields, according to reports.
News wires 28 April 2010 03:03 GMT
The holding company was created earlier this month as part of the merger between Nippon Oil and Nippon Mining and has earmarked a total of around 1 trillion yen for investment as part of its midterm business plan, the the Nikkei business daily reported.

A spokesman for JX Holdings said the firm would not comment on its investment strategy before the announcement of its mid-term business plan on 10 May and called the Nikkei report speculation.

JX Holdings, through Nippon Oil and Nippon Mining, has stakes in several mines and oil and gas fields across the world including Chile's Caserones and Escondida copper mines and Vietnam's Rang Dong oil field.

Nippon Oil and Nippon Mining still operate as separate entities but plan to merge their businesses into three core units - refining and sales, oil exploration, and metals - on 1 July.
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We know Nippon is on the hunt for oil in PNG. Already discovering oil with OSH, in what was deemed a non-commercial well. The question is will it over look a potential share in 200 million barrels of oil? Throwing a few million NGEs way to fund a drill will not hurt Nippons pockets. They are deep. I have always anticipated a farm-in from Nippon at some time. Question I have now is will it come before or after the discovery.

Should NGE discover a massive oil leg at Panakawa, its comforting to know a consortium like Nippon will be ready to buy in and develop it.