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tradingmarkets.com: MITSUBISHI TO ACQUIRE RIGHTS TO NORTH SEA FIELD

Thursday, January 03, 2008; Posted: 11:06 PM
 
TOKYO, Jan 04, 2008 (AsiaPulse via COMTEX) — RDS/A |

Mitsubishi Corp. (TSE:8058) will obtain rights to the Dunlin fields in the North Sea from Royal Dutch Shell Plc and other owners.

The acquisition will be conducted jointly with U.K. energy developer Fairfield Energy Ltd. Mitsubishi will hold 30 per cent of the rights, with the remainder set to belong to the British firm.

The transfer will be completed by March, after the partners obtain the U.K. government’s approval and consent from other parties. The acquisition price has yet to be disclosed.

Daily production at the Dunlin cluster is now equivalent to about 10,000 barrels of oil. Mitsubishi and its partner aim to pump 30,000 to 40,000 barrels a day in three to four years with additional development.

(Nikkei)

http://www.tradingmarkets.com/.site/news/Stock%20News/956658/

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