Nippon Oil to Double Oil Output: Yomiuri
Posted on: Thursday, 11 August 2005, 12:00 CDT
Aug. 11--TOKYO -- Nippon Oil Corp. plans to invest 1 trillion yen over the next 10 years to double its production of crude oil to 300,000 barrels per day, double the amount of its current daily output, the Yomiuri Shimbun reported Thursday.
The investment is intended to secure stable supplies of crude oil, almost all of which Japan has to import, amid rising crude oil prices, the daily said.
Nippon Oil is seeking to obtain oil field concessions overseas for upstream operations to explore and produce crude oil on its own, while acquiring oil fields already in commercial use.
With this, Nippon Oil aims at turning itself into an oil firm engaging in both upstream and downstream operations as is the case with international oil giants based in Europe and the United States, it said.
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Source: Kyodo News International, Tokyo
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