Mitsubishi Corp. (8058) will pay about $280 million for a stake in nine of Talisman Energy Inc. (TLM)’s Papua New Guinea onshore natural-gas licenses, with the potential to export the liquefied fuel to Japan.
The joint venture may be capable of exporting 3 million tonnes of liquefied natural gas a year, Calgary-based Talisman said in a statement today. Papua New Guinea is “a vast and under-explored country with huge LNG supply potential within the Asia-Pacific region,” according to the statement.
Talisman will own about 40 percent and Tokyo-based Mitsubishi about 20 percent of the licenses. Holders of the remaining stake weren’t identified.
Talisman, which has licenses to explore about 13.7 million acres in Papua New Guinea, rose 3 percent to C$14.26 at the close in Toronto. Mitsubishi rose 0.6 percent to 1,998 yen at the close in Tokyo.
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