Japan’s Cosmo Oil Co., Ltd.  and Compañía Española de Petróleos, S.A.U., Spanish integrated oil company, have signed a memorandum of agreement which will see them boost cooperation in the oil and gas exploration and production sector.

The companies will together work on obtaining new oil and gas concessions and reinforcing and promoting their exploration and production business.

Cosmo group is one of the biggest Japanese E&P operators in the Middle East and has much experience in offshore oil fields for almost half a century. On the other hand, CEPSA has E&P operatorship in North Africa and South America, and has recently expanded its business area by starting deep sea exploration in Brazil. Through jointly looking for business development under this partnership, the Parties will challenge opportunities which are not accessible by sole party.

The parties will create an E&P Working Group and a Strategy Working Group as driving forces to achieve the objectives of this MOA.