Energy developer Inpex Corp. aims to acquire a 40-year interest in a crude oil field in Abu Dhabi, the United Arab Emirates, for $1.1 billion, sources close to the matter said Monday.
Inpex is likely to secure around 80,000 barrels a day, helping resource-poor Japan achieve a stable supply of crude oil, the sources said.
The United Arab Emirates is the second-biggest exporter of oil to Japan after Saudi Arabia. In January last year, Inpex secured the UAE's consent to extend its rights for an offshore oil field for 15 years beyond their expiration in 2026.
The Middle East country had invited international bids for about 40 percent of the interests in its 15 onshore oil fields, which expired in January 2014. Oil production there reaches 1.6 million barrels per day.
U.S., European, Chinese and South Korean oil companies are also taking part in the bidding.