Mitsubishi Corporation Invests in Yetagun Gas Field Project in M
Mitsubishi Corporation Invests in Yetagun Gas Field Project in Myanmar
Tokyo, Dec 17, 2013 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce its entry into a share purchase agreement with JX Nippon Oil & Gas Exploration Corporation (JX NOEX) for the acquisition of a 10% share of Nippon Oil Exploration (Myanmar) Limited (NOEM). JX NOEX is a 50% shareholder of NOEM, which in turn holds a 19.3% participating interest in an upstream oil and gas project and gas pipelines in Block M-12/13/14 in the Andaman Sea, including the Yetagun gas field. This will be MC's first participation in an upstream oil and gas project in Myanmar.
The Yetagun gas field was discovered in 1992, and its natural gas production commenced in 2000. Natural gas produced from the field is being sold and supplied to Petroleum Authority of Thailand (PTT) through a pipeline. Condensate, produced along with natural gas, is stored in a Floating Storage and Offloading (FSO) system and is sold domestically and internationally.
This project is operated by a subsidiary of Petronas, the national oil company of Malaysia. NOEM's net sales volume is around 50 million cubic feet per day (8,000 barrels of oil equivalent per day) of natural gas and 800 barrels per day of condensate, which means that Yetagun is Myanmar's second largest gas field behind Yadana. There are a number of already discovered gas fields under development in this block and others that hold prospects.
MC will work in partnership with JX NOEX to enhance the value of the Yetagun project and, in so doing, play a role in securing a stable energy supply in Asia through the promotion of oil and gas upstream projects in Myanmar.
1. Mitsubishi Corporation
Headquarters:2-3-1 Marunouchi, Chiyoda-ku, Tokyo, Jamao Business Activities:Mitsubishi Corporation has seven Business Groups which develop operations in the diverse fields of Industrial Finance, Logistics & Development, Global Environment & Infrastructure, Energy, Metals, Machinery, Chemicals and Living Essentials. In addition to these Business Groups, Mitsubishi Corporation has also recently established the Business Service Group. Representative:Ken Kobayashi, President and CEO Founded:April 1, 1950 Number of Employees:65,975 (consolidated, as of March 31, 2013)
2. JX Nippon Oil and Gas Exploration Corporation Headquarters:2-6-3 Otemachi, Chiyoda-ku, Tokyo, Japan Business Activities:Exploration, development and production of oil and gas and other mineral resources Representative:Shigeo Hirai, President and CEO Founded:June 26, 1991 Number of Employees:814 (as of March 31, 2013)
3. Nippon Oil Exploration (Myanmar) Ltd. Headquarters:2-6-3 Otemachi, Chiyoda-ku, Tokyo, Japan Business Activities:Exploration, development and production of oil and gas in Block M/12/13/14 in Myanmar Representative:Hironori Wasada, managing Director Founded:December 4, 1991 Shareholders:Government of Japan 50%; JX NOEX 40%; MC 10% Capital:3.54 billion yen
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.
Mitsubishi Corporation Telephone:+81 3 3210 2171 Facsimile:+81 3 5252 7705
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