Tokyo-based Japanese energy company, Mitsui sold a 14.3 percent interest to U.S.-based Alta Resources Development (Alta) in the Marcellus shale gas project in Pennsylvania, U.S. for $207 million, the company announced on Thursday.
Mitsui's U.S. subsidiary, Mitsui E&P USA LLC, (MEPUSA) sold approximately 14.3 percent working interest in part for the Marcellus shale gas project, which produces 300 million cubic feet natural gas daily (approximately 50,000 barrels of oil equivalent).
MEPUSA's share of current daily production in the area to be sold is approximately 70 million cubic feet, which represents approximately 20 percent of MEPUSA's total daily production in the overall Marcellus shale gas project.
The energy and mineral resources sector continues to be one of Mitsui's core business areas, according to the company.
"This asset divesture will enable MEPUSA to focus its future investment into the more productive area where it will retain its working interest, improve its profitability and contribute to enhancing the value of Mitsui's portfolio," the company said.
By Huseyin Erdogan