Cosmo Oil Acquires Stake in Qatari Oil Field

Tokyo, Oct. 25 (Jiji Press)–Cosmo Oil Co. said Thursday it has acquired a stake in an offshore oil field off northern Qatar.

A wholly owed unit of the Japanese refiner acquired 35 pct of the 1,600-square-kilometer Block 3 field. Germany’s Wintershall took a 40 pct stake in the project, while Indonesia’s Pertamina got 25 pct.

The three companies will start a five-year survey next year to explore for oil. Cosmo Oil plans to spend 2.2 billion yen.

Cosmo Oil has been producing some 5,200 barrels of crude oil a day at another oil field nearby. The company hopes to expand its oil development business in the Middle Eastern country through the new project.END

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