The Cabinet approved the 2015 Energy White Paper on the 17th. The white paper advocates boosting investment in development of sluggish oil and gas fields affected by low crude prices, as well as the realization of a flexible and transparent liquefied natural gas (LNG) market, among other things.
As an example of more active public involvement, the paper promises increased government financing for corporations engaging in investment in development. Along with private sector initiatives, the government stresses the importance of “resource diplomacy” that secures a stable energy supply to Japan. It emphasizes the need to build “multi-layered and bilaterally beneficial” ties with the governments of the resource-rich nations.
The paper also makes clear that “maintaining a good relationship with oil-producing countries of the Middle East directly results in a stable energy supply.” As for LNG market reform, the government will make a request to the LNG producers at the annual “LNG Producer-Consumer Conference” to reduce the number of long-term contracts with clauses prohibiting resale.