Meanwhile, a joint venture between Japan Oil, Gas and Metals National Corp and Irkutsk Oil Co is planned to commence exploration in a field about 700 kilometers north of Irkutsk at a cost of about JPY15 billion (153 million dollars), as per the Japanese government-affiliated body.
As soon as two areas eyed by the Japan-Russia joint venture are ready for commercial oil production, a Japanese private-sector firm would take over the operations from JOGMEC.
The oil will be supplied to Japan via the Eastern Siberia-Pacific Ocean pipeline, which is entering the second phase of building.
