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Tuesday, May 10, 2011     FOR YOUR EYES ONLY

Qatar, Japanese firm to develop Persian Gulf natural gas reserve

ABU DHABI — Qatar has launched a project to explore for energy in the Gulf.

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The state-owned Qatar Petroleum has signed an agreement with Japan's JX Nippon to explore and develop an offshore natural gas reserve. QP said the reserve was located off the northeastern coast of the Gulf Cooperation Council emirate.

Under the agreement, announced on May 8, QP and Nippon would operate in a 6,173-square kilometer permit in Qatar territorial waters.

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The agreement was meant to last for 30 years, and Nippon would invest $100 million in the first stage.

Officials said QP would oversee the energy project while Nippon would provide technical services. This marked Nippon's first gas exploration contract in Qatar.

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