Japan Organization for Metals and Energy Security (JOGMEC) has renewed a deal with Saudi Aramco for crude oil storage on the island of Okinawa for another three years, the state-run Japanese company said on Dec. 22.
Under the agreement, JOGMEC leases 13 national crude oil stockpiling tanks on the island southwest of mainland Japan to Aramco, enabling Saudi Arabia's state oil producer to store about 1.3 million kilolitres of crude oil for the next three years, JOGMEC said in a statement.
In return for providing free storage space to Saudi Aramco, Japan gets a priority claim on the oil stocks in an emergency.
The tank lease deal has been running since 2010 and has been renewed every three years.
Recommended Reading
Diamondback Subsidiary to Invest $50MM in Verde Clean Fuels
2024-12-19 - Diamondback Energy subsidiary Cottonmouth Ventures LLC’s investment will consist of buying 12.5 million shares of Verde Class A common stock, making Cottonmouth the company’s second largest shareholder.
Power Co. Proposes NatGas Plants Near Texas Haynesville Shale
2024-12-18 - An American Electric Power (AEP) subsidiary plans to develop two natural gas-fired generation projects near the prolific Texas Haynesville shale play.
NuVista Energy Temporarily Curtails Production After Plant Shutdown
2024-12-18 - NuVista Energy announced revised production guidelines following temporarily curtailing production in the Wapiti area of the Alberta Deep Basin.
Exxon’s Custom, Lightweight Proppant Boosts Permian EURs by 15%
2024-12-17 - Exxon is lowering drilling and completion costs, boosting EURs by 15% with custom proppant and considering upside from less developed Permian Basin zones.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.