JAPEX and Mitsubishi Corporation Announce Oil Production in Indo

JAPEX and Mitsubishi Corporation Announce Oil Production in Indonesia's Terang
Gas Field Reaches 10 Million Barrels 
Tokyo, Mar 19, 2013 - (JCN Newswire) -  The Japan Petroleum Exploration Co.,
Ltd. (JAPEX) and Mitsubishi Corporation (MC) are pleased to announce that total
production at the Terang gas field located in the Kangean PSC area in East
Java, Indonesia has reached 10 million barrels of oil equivalent since the
field started commercial production on May 26, 2012. 
The JAPEX-MC partnership in the Kangean PSC area goes back to May 2007, and
since then, the 4 oil and gas fields located there (Pagerungan gas field,
Sepanjang oil field, PUO oil field and Terang gas field) have collectively
produced oil and gas of over 20 million barrels of oil equivalent.
Representatives from Kangean Energy Indonesia Ltd. (KEI), the operator of the
PSC area, Rudi Rubiandini, Director of the Indonesian government's Special
Task Force for Upstream Oil and Gas Business Activities (SKKMigas) and other
relevant parties gathered in Jakarta on February 27 to commemorate the
achievement. 
Terang gas field is located offshore, approximately 90km north of Bali (at a
water depth of 90m) and is part of the TSB gas field complex, which is composed
of Terang, Sirasun and Batur gas fields. There are 4 production wells,
including horizontal wells. In the first 8 months of operations alone,
production from Terang gas field reached a total of 10 million barrels, with
daily gas production averaging 240 million cubic feet (approximately 40
thousand barrels of oil equivalent per day). Natural gas produced in the same
gas field is gathered in Floating Production Units (FPU) and transported
through the East Java Gas Pipeline to be sold to the state owned power company
and fertilizer factories in the outskirts of Surabaya, East Java. There is a
strong demand for gas in the region, and the operation of these gas fields will
contribute to providing a stable supply of energy as well as to the growth of
the local economy. 
As we move towards starting development on the Sirasun and Batur gas fields,
also located within the TSB field, we are simultaneously seeking to develop
newly discovered gas fields such as the West Kangean field, located offshore
West Kangean Island, Indonesia and to start exploration at the South Saubi
Prospect, where large-scale oil discovery is expected. Advancing in these
efforts will continue to assist with ensuring a stable supply of energy to the
Indonesian market. 
About Mitsubishi Corporation 
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business
enterprise that develops and operates businesses across virtually every
industry including industrial finance, energy, metals, machinery, chemicals,
foods, and environmental business. MC's current activities are expanding
far beyond its traditional trading operations as its diverse business ranges
from natural resources development to investment in retail business,
infrastructure, financial products and manufacturing of industrial goods. With
over 200 bases of operations in approximately 80 countries worldwide and a
network of over 500 group companies, MC employs a multinational workforce of
nearly 60,000 people. For more information, please visit www.mitsubishicorp.com. 
Contact: 
Mitsubishi Corporation
Telephone: +81-3-3210-2171
Facsimile: +81-3-5252-7705 
Copyright 2013 JCN Newswire. All rights reserved. www.japancorp.net 
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