Oct. 25. 2010
Marubeni hereby announces an agreement with BP Exploration & Production Inc, a subsidiary of BP plc, to acquire its working interests in producing oil and gas fields in the US Gulf of Mexico for $650 million. Subject to regulatory and partner approval, the deal is expected to complete in early 2011.
Interests we acquire are for 4 producing fields - Nansen, Magnolia, Merganser and Zia. Marubeni’s net production from these fields is approximately 15,000 barrels of oil equivalent a day (boed).
Marubeni ranks upstream investment in the E&P sectors as one of our core business lines, with a focus on acquiring good quality assets. We hold working interests in oil and gas fields in our core areas: the US Gulf of Mexico, UK North Sea, India, and Qatar. We shall continue to pursue E&P assets at all stages of exploration/ development/production in our existing core area as well as Middle East, Africa, and Latin America.