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  • Mitsui Sells a Part of Its Interest in the Marcellus Shale Gas Project
    édité le 22/12/2016 - Plus de news de "Mitsui" - Voir la fiche entreprise de "Mitsui"

Mitsui Sells a Part of Its Interest in the Marcellus Shale Gas Project
Mitsui & Co., Ltd. is pleased to announce that Mitsui E&P USA LLC ("MEPUSA"), a subsidiary established in the U.S. by Mitsui and Mitsui Oil Exploration Co., Ltd., ("MOECO", a subsidiary of Mitsui in which Mitsui has 74.26% equity interest, Head Office: Tokyo, President and CEO Mitsuo Hidaka) has reached an agreement with Alta Resources Development, LLC ("Alta") to sell a part of MEPUSA's interest in the Marcellus shale gas project in the state of Pennsylvania, U.S.A. for $207 million.

MEPUSA's share of current daily production in the area to be sold is approximately 70 million cubic feet, which represents approximately 20% of MEPUSA's total daily production in the overall Marcellus shale gas project.

Energy and mineral resources sector continues to be one of Mitsui's core business areas. Mitsui's upstream energy business aims to achieve a portfolio of high quality low cost reserves and will continue to strengthen the competitiveness of its earnings base. This asset divesture will enable MEPUSA to focus its future investment into the more productive area where it will retain its working interest, improve its profitability and contribute to enhancing the value of Mitsui's portfolio.

About Mitsui

Mitsui & Co.'s five principal functions are marketing, financing, logistics, risk management, and IT and process development capabilities. We combine these functions to create and optimize value chains in a wide range of business fields. Maximizing our value-added content, we strive to meet the diverse needs of our customers around the world.

About Alta Resources

Alta Resources, LLC is a private company located in downtown Houston. Founded in 1999, Alta Resources has been a leader in the exploration for and development of shale oil and gas assets from the Fayetteville Shale in Arkansas to the Marcellus Shale in Pennsylvania. Most recently, Alta was a principal early developer in the liquids-rich Duvernay Shale play in the Kaybob area of Alberta, Canada. Our long-time partners include the late George P. Mitchell, who is widely regarded as the father of shale gas for his pioneering role in developing the Barnett Shale in Texas.

Origine : Communiqué Mitsui

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