Mitsui buys 20% stake in Shell’s offshore oil fields in Gulf

Offshore staff

TOKYO – Japan’s Mitsui & Co. has agreed to buy a 20% stake in four blocks in the US Gulf of Mexico from Royal Dutch Shell Plc for an undisclosed amount, according to a Reuters report.

The move follows Mitsui’s other investment decisions earlier this year, including co-development of the Greater Enfield oil reserves off Western Australia and an $8-billion expansion of the Tangguh liquefied natural gas project in Indonesia, which is being led by BP.

In this latest deal, Mitsui Oil Exploration Co. will buy the 20% stake in four blocks in the Mississippi Canyon, located about 100 km (62 mi) south-southeast of New Orleans, from a Shell subsidiary.

The recoverable resources of all the blocks are estimated to be more than 100 MMboe. 

Production of crude oil and gas would use the existing near field infrastructure, which could help early commercialization at lower development costs, the company said. Production could start as early as 2019, a Mitsui spokesman said.

12/05/2016 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...