Marubeni Acquires Stake in BP Gulf of Mexico Field

Marubeni Corporation, through its USA subsidiary, Marubeni Oil & Gas (USA) Inc., has agreed to purchase 35.7 percent interest in the Fairway Field, current production of which is approximately 18,000 boed and associated facilities located in Alabama state waters of the Gulf of Mexico from BP, through its USA subsidiary, BP America Production Company, for $93 million in a cash transaction. The sale has effective date of December 1, 2002 and is subject to U.S. regulatory consent and approvals.

Shell holds the remaining 64.3 percent interest and operates the gas field and related facilities. The sale includes BP's share in six wells, an offshore gathering system and an onshore gas processing plant. The company's working interest share of the annual production from the assets is approximately 6,500 boed.

Marubeni is implementing "V" Plan, a New Medium-Term Management Plan, for aiming its revitalization. In this plan, oil and gas E&P business is regarded as one of the core business and actively pursuing the acquisition of new production assets. As a result of this deal, Marubeni holds producing in U.K North Sea, Asia and North America and its total production, excluding LNG, all over the world will rise to over 30,000 boed.


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