Japan's JOGMEC to Accelerate Investment in Oil, Gas Resources

State owned Japan Oil, Gas and Metals National Corp (JOGMEC) could accelerate investment in energy resources, especially LNG assets, to ensure stable supplies in Japanese domestic market, reports news agency Reuters.

Imports on LNG has been rising following shutdown of Japanese nuclear reactors in the wake of the Fukushima crisis. In 2013, Japan imported record 87.5 million tonnes of LNG.

JOGMEC President Hirobumi Kawano told Reuters the agency would continue to support Japanese energy companies as they look to compete with overseas rivals.

"We are not a commercial institution and have no intention of becoming a resource major. Our role, however, is to help Japanese upstream companies grow to be able to compete with resource giants," Kawano said.

JOGMEC was created in 2004 when the former Japan National Oil Corporation merged with the former Metal Mining Agency of Japan. The institution directly invests in or provides financial guarantees for about 50 oil and gas projects worth a total of more than 1 trillion yen ($9.8 billion), including shale gas in North America.