Japan National Oil Corp. said Friday it will terminate oil exploration projects in Algeria and Brazil after finding the reserves unfit for commercial production.
JNOC affiliate Inpex Northeast Sahara Ltd. has given up a project to tap crude oil from an oil field in Touggourt, about 550 km southeast of Algiers, the state-run company said in a statement.
JNOC subsidiary Japex Brasil S.A. has scrapped its exploration project in an Atlantic offshore oil field about 120 km from the Brazilian city of Campos, it said.
The companies drilled test wells in the Algerian and Brazilian oil fields, but were unable to find reserves large enough to make full-fledged investments commercially viable, it said.