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Inpex, Rosneft Agree on Oil, Gas Exploration in Okhotsk Sea

Inpex Corp., Japan’s biggest energy explorer, and Russia’s OAO Rosneft signed a preliminary agreement to develop oil and gas blocks in the Sea of Okhotsk.

A venture will be set up to explore the Magadan-2 and Magadan-3 offshore blocks near Magadan city in far eastern Russia once final accords are signed, Inpex said in a statement. The blocks, located in the northern part of the Sea of Okhotsk at a depth of 120 meters (394 feet) to 180 meters, are estimated to hold recoverable resources of about 1,577 million metric tons of oil equivalent, state-run Rosneft said in a statement.