Marubeni Succeeds in North Sea Oil, Gas Exploration
March 5, 2008
Tokyo, March 5 (Jiji Press)–Marubeni Corp. said Wednesday that its wholly owned British gas development unit, Marubeni North Sea Ltd., and a Canadian company have succeeded in their joint exploration of a oil and gas field in the North Sea off Britain.
The field is believed to hold the equivalent of at least 35 million barrels of crude oil.
Marubeni, which owns 41.03 pct stake in the field, aims to start production within four years, company officials said. The remaining 58.97 pct interest is held by Canadian oil and gas developer Talisman Energy Inc.
The total amount of investment on the development was not disclosed.END
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