Tokyo, Jan 6, 2012 (JCN) - Marubeni Corp.'s U.S. subsidiary Marubeni Eagle Ford Limited Partnership has entered into an agreement with Dallas based Hunt Oil Co. to acquire a 35% working interest in the Eagle Ford shale oil and gas play covering approximately 52,000 net acres of oil and gas leases located in Texas.
The project has plans for several hundred wells to be sequentially drilled for five to 10 years, with total development costs (including acquisition costs on Marubeni's share basis) of approximately $1.3 billion. In addition, Marubeni and Hunt have agreed to jointly acquire additional acreage in the Eagle Ford shale oil and gas area.
The Eagle Ford oil and gas shale play currently produces high-quality light crude oil, and is one of the most attractive and promising shale oil and gas resource plays in the U.S. Marubeni expects that the project, including future expansion and the potential new businesses associated with it, will become a solid base for a strong cash flow and profit on the mid- to long-term basis.
Copyright © 2013 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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