Mitsubishi Takes Stake in Deepwater Block 2C Offshore Malaysia

Mitsubishi has reached an agreement with Newfield Sarawak Malaysia Inc. (NFS), a wholly owned subsidiary of Newfield Exploration Company (NFX) to acquire from NFS 20% of the exploration and production rights of Deepwater Block 2C, offshore Sarawak, Malaysia, following the approval from Petroliam Nasional Berhad (PETRONAS), Malaysia's national oil company, for the acquisition.

The new participating interests in Block 2C are Newfield Sarawak Malaysia as operator with 40%; Petronas Carigali with 40% and Mitsubishi with 20%.

NFX is an independent crude oil and natural gas exploration and production company headquartered in Houston, and its areas of operations include the onshore Gulf Coast, the Gulf of Mexico, the Mid-Continent and the Rocky Mountains. Internationally, Newfield is active in the UK, North Sea, offshore China and Malaysia.

PETRONAS Carigali is a wholly owned subsidiary of PETRONAS with exploration and production activities in Malaysia and in more than 20 other countries around the world.

In Malaysia, Mitsubishi Corporation has interested in the LNG joint ventures in Sarawak, namely, Malaysia LNG and MLNG Dua and is involved in the upstream gas development to supply MLNG Tiga. Through the participation in Block 2C, Mitsubishi Corporation hopes to contribute towards the development of petroleum resources in Malaysia and in particular to the LNG business.

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