Itochu buys stakes in North Sea oil fields from Tullow Oil

Apr 11, 2005 02:00 AM

Japan's Itochu has acquired rights in two oil fields in the North Sea, as part of its effort to boost its oil and gas exploration and production business.
From UK oil and gas exploration company Tullow Oil, Itochu has bought a 8 % stake in the Alba oil field and a 10.06 % share in the Caledonia field for a total of around Y 12 bn, said the Japanese trading house.

With the acquisition, Itochu's output from the North Sea oil fields has risen to 8,400 bpd from 2,800 bpd.
ConocoPhillips holds the largest stake of 23.43 % in the Alba oil field. Output from the Alba oil field totals 68,000 bpd, while that from the Caledonia field totals 2,000 bpd.

Looking ahead, Itochu said it will further expand its oil and gas exploration and production projects, not only in the North Sea, but also in other areas such as the Caspian Sea.
Itochu has stakes in the Azerbaijan International Operating Co., or AIOC, which has already started oil production in the Azeri-Chirac-deepwater-Guneshli, or ACG, fields, in the South Caspian Sea region.

Source: Dow Jones
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