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 
Mitsubishi Corporation
Telephone:+81 3 3210 2171
Facsimile:+81 3 5252 7705 
Copyright 2013 JCN Newswire. All rights reserved. 
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