Mitsubishi Corporation Exploration

Latest Mitsubishi Corporation Exploration News

• Eaglewood Energy announce an update to the estimated resources on its Ubuntu Discovery in Papua New Guinea, following the acquisition of infill seismic over the Ubuntu structure in December last year.

• Kina can now confirm that Diamond Gas Niugini, a wholly-owned subsidiary of Mitsubishi Corp, will acquire a 7.5% undivided interest in PRL 21 and a 7.5% undivided interest in the PRL 21 JOA dated Nov 2 2011.

• The Valhalla North-1 well is being drilled by Ensign Rig #32.

• Following the farmout, Talisman and MC licensed equity positions will average 40% and 20%, respectively, in these nine licences.
• Talisman has been working in PNG since 2001.
• MC has held interests in LNG operations since 1969 and currently participates in nine major LNG projects.

• Encana has entered into an agreement with Mitsubishi that will see the Japanese global integrated business enterprise invest approximately C$2.9 billion for a 40 percent interest in the Cutbank Ridge Partnership.

• The total budget of the demonstration project, to be conducted for a period through March 2016, is expected to be near 5 billon yen.

• The Russian government issued the carbon credits generated from the JI project to recover and utilize flare gas from the Yety Purovskoe oilfield.
• Second time Russia has issued carbon credits on this project.

• Buru's Ungani-2 well is the fourth well have a 50% working and paying interest in this well and in EP 391.

• As per the approval of the Iraqi cabinet, Royal Dutch Shell and Mitsubishi Corporation forms a joint venture to form Basrah Gas Company.
• The joint venture would gather raw gas from three major oil fields, adding an important domestic energy source for Iraq and offering the potential for gas exports.

• The joint venture includes five oil giants - Mitsubishi, Shell, ConocoPhillips, Malaysia's Petroliam Nasional and Murphy Oil Co
• 700-800 billion yen ($9-$10.3 billion) to be invested in the development of which 70 billion yen will be put aside to test seven wells in the next two years to appraise the reserves
• The initial study and data suggests the reserves to be at a few trillion to around a dozen trillion cubic feet which deems the project commercially viable
• The project will kick off in 2013 with the production expected to start in the following year

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