Development and Production Team and Geology Geophysics Team

Outline

1. Introduction
Development and Production Team and Geology and Geophysics Team were formed in Oil and Gas Survey and Technology Group in Technology and Research Center at the same time of the establishment of JOGMEC at the end of February 2004. Both two teams are in charge of technical evaluation on JOGMEC-related oil and gas E & P projects. Technical surveys initiated by JNOC in fiscal year 2003 were succeeded by JOGMEC at the end of February 2004. Many consultations on E&P projects, supporting surveys for technical evaluation and a HSE survey were conducted as a part of technical surveys in fiscal year 2003.

2. Our business
(1) Technical Evaluation
There are specialists as geologists, geophysicists, reservoir engineers, facility engineers and drilling engineers in our teams. The technical evaluation was conducted to estimate reserves, production profile, development plan and cost on E&P projects. Reserves and production profile are evaluated by both probabilistic and deterministic method using the latest softwares. Development plan and cost are evaluated by facility and drilling engineers. There are several projects under evaluation stage for JOGMEC to provide equity capital and loan guarantees for Japanese E & P companies in 2003.

(2) Technical Surveys
The purposes of technical surveys are to improve our technical skill for project evaluation, to investigate up-to-date technologies, to provide Japanese E&P companies with technical information and to co-operate with Japanese E&P companies for new projects. Technical surveys in fiscal year 2003 were carried out in the fields of geology, geophysics, reservoir engineering, facility engineering and HSE.