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Mitsubishi to Pay $280 Million for Stake in Talisman Leases

Feb. 22 (Bloomberg) -- Mitsubishi Corp. will pay about $280 million for a stake in nine of Talisman Energy Inc.’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.

To contact the reporter on this story: Benjamin Haas in New York at bhaas7@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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