Mitsubishi Awarded Block Offshore Brunei

Mitsubishi Corp has been awarded gas exploration rights to Brunei's offshore Block K together with Royal Dutch/Shell and Conoco Inc. The Production Sharing Contract is expected to be executed by April of this year. Mitsubishi has a 25 percent interest in the project and plans to spend approximately $33.75 million over the next five years. The stakes of its partners were not immediately available. Mitsubishi, which is aggressively expanding in the energy sector, said the block had estimated natural gas reserves of 10 trillion cubic feet.