Mitsui to acquire Yemen oil, gas concession
Source: BI-ME , Author: BI-ME staff
Posted: Tue March 3, 2009 12:00 am
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YEMEN. Japanese trading house Mitsui & Co is set to acquire an interest in an oil and gas field in southern Yemen from Australian resources developer Adelphi Energy, it was learned on Friday.

The prospective deal, seen to be worth ¥400 million (US$4.1 million) will give Mitsui an 8.5% stake in an undeveloped area of the field. It will be the first time for the company to obtain a stake in a Yemeni oil and gas field.

Mitsui plans to conduct joint exploration with other companies, the sources said.

Since there is a field nearby that produces 100,000 barrels of crude oil per day, the area to be explored by Mitsui is seen to be promising, the sources said.

Mitsui is promoting oil and gas development in the Middle East. It has acquired concessions in Oman, Qatar and Abu Dhabi of the UAE.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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