JOGMEC to offer equity finance to Cosmo’s oil exploration in Abu Dhabi

Linda D. Klein

A motor vehicle moves out from a Cosmo Electricity Holdings’ Cosmo Oil support station in Tokyo, Japan, December 16, 2015. REUTERS/Yuya Shino

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TOKYO, June 13 (Reuters) – Point out-operate Japan Oil, Gasoline and Metals Countrywide Corp (JOGMEC) explained on Monday it will present equity financing to the new oil and gasoline exploration venture by Japan’s Cosmo Power Holdings Co Ltd (5021.T) in Abu Dhabi, without disclosing the sum.

UAE’s Abu Dhabi National Oil Firm (ADNOC) (ADNOC.UL) awarded the exploration legal rights for Abu Dhabi’s offshore block 4 to Cosmo’s subsidiary, Cosmo E&P Albahriya Ltd, in February, 2021.

JOGMEC will offer fairness financing in return for up to a 49% stake in the subsidiary, though Cosmo will keep the vast majority stake in the device which is the concession operator, JOGMEC claimed in a statement.

Cosmo has been concerned in crude oil growth and generation of the Mubarraz concession place in Abu Dhabi for more than fifty percent a century and it aims to build the block 4 in value-powerful manner by making use of current infrastructure as the concession place lies adjacent to the block 4.

The block 4 exploration concession has the likely to reinforce the price-competitiveness of Cosmo’s upstream routines in Abu Dhabi, and can lead to the secure crude supply to Japan, JOGMEC stated.

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Reporting by Yuka Obayashi, editing by Ed Osmond

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