(MENAFN) The Japanese trade minister announced that Japan's Inpex Corp will sign an oil and gas development agreement with Russia's state-controlled Rosneft, reported Reuters.
Both countries have been discussing an energy supply expansion deal that is capable of getting the East Asia energy map back on track.
The two companies will develop two oil fields off the Russian port of Magadan in the Okhotsk Sea.
They will develop blocks named Magadan 2 and Magadan 3, and the reserves forecast is about 3.4-billion barrels.
Since the 2011's Fukushima crisis, which restrained the nuclear power sector, Japan has been searching for energy supplies from around the world.
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