Acquisitions of Interests in the Gulf of Mexico Oil and Gas Fields from BP

Oct. 25. 2010
Marubeni Corporation

Marubeni hereby announces an agreement with BP Exploration & Production Inc, a subsidiary of BP plc, to acquire its working interests in producing oil and gas fields in the US Gulf of Mexico for $650 million.  Subject to regulatory and partner approval, the deal is expected to complete in early 2011. 

Interests we acquire are for 4 producing fields - Nansen, Magnolia, Merganser and Zia.  Marubeni’s net production from these fields is approximately 15,000 barrels of oil equivalent a day (boed).

Marubeni ranks upstream investment in the E&P sectors as one of our core business lines, with a focus on acquiring good quality assets.  We hold working interests in oil and gas fields in our core areas: the US Gulf of Mexico, UK North Sea, India, and Qatar.  We shall continue to pursue E&P assets at all stages of exploration/ development/production in our existing core area as well as Middle East, Africa, and Latin America.