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Mitsui Acquires Interests in Oil and Gas Concessions in the North Sea
 

Tokyo, June 27, 2012 (JCN) - Mitsui & Co. announced an agreement with BP concerning the acquisition of the British oil major's working interest in the Alba oil field and the Britannia gas and condensate field in the UK North Sea area. The sale and purchase agreement was signed on Jun 22, 2012.

The completion of the transaction is subject to regulatory and other licensee approvals. This is Mitsui's first entry into producing assets in this area, adjacent to the massive European oil and gas market.

The Alba oil field and Britannia gas and condensate field are located approximately 200km northeast of Aberdeen, Scotland, in the UK North Sea area.

Both fields have continued stable and safe operations since starting production in 1994 and 1998 respectively, and are expected to make a contribution to earnings by joint operation with technically and financially sound operators and partners.


By Saroj Shrestha Staff Writer

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