Japan's Itochu to take 20 pct stake in Tullow Oil's Namibian LNG ops -report |
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Tue, 03 Apr 2007 22:57
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TOKYO (XFN-ASIA) - Itochu Corp will acquire later this month a 20 pct stake in a Namibian liquefied natural gas project from British firm Tullow Oil Plc for slightly more than 10 bln yen, the Nikkei reported, without citing sources.The gas field, located some 100 km offshore southern Namibia, has confirmed natural gas reserves of 4 trln cubic feet, the business daily said.The LNG facility is expected to go on stream in 2012 or so, turning out some 5 mln tons a year, it said.Tullow currently owns a 90 pct operating interest in the site, with the National Petroleum Corp of Namibia holding the remaining 10 pct, the report said.The project is estimated to cost 6 bln usd, or about 700 bln yen, including large outlays for the LNG plant, it said.(1 usd = 118.94 yen)yasuhiko.seki@xfn.com
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Japan's Itochu plans to invest 100 bln yen in US gas fields - report 