Mitsubishi to explore off Australia

Jul 23, 1997 02:00 AM

July 5, 1997 Mitsubishi will begin oil exploration on the continental shelf of Northwest Australia in a tie-up with five US and Australian concerns. The major trading firm has 20 % of concessions in one drilling area and 7.5 % of concessions in a second area. The Tokyo firm hopes to begin oil production in 1999, with total investment set to reach 10 billion yen.
The two drilling areas cover a total 1,150 sq. km, with oil deposits estimated at 150 million barrels. Mitsubishi intends to drill three test wells by the end of next year, starting work in November. Mitsubishi is hoping to sell the oil to thermal power stations as fuel.

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