Mitsui in US shale joint venture
Anadarko Petroleum Corporation has announced details of a joint-venture agreement with Mitsui E&P USA, a subsidiary of Japan’s Mitsui & Co.
Mitsui E&P USA will pay $1.4 billion to become a 32.5% partner in Anadarko’s Marcellus Shale assets, primarily located in north-central Pennsylvania.
Mitsui will gain approximately 100,000 net acres in exchange for funding 100% of Anadarko’s share of development costs in 2010, and 90% of these costs thereafter. All obligations are estimated to be completed by 2013.
Mitsui will also have the opportunity to purchase a 32.5% share of Anadarko’s existing wells and additional acreage acquisitions for
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