23 Feb 2012

Mitsubishi buys into Talisman's PNG gas licenses

1:24 pm on 23 February 2012

The Japanese conglomerate Mitsubishi has agreed to pay about 280 million US dollars for a stake in nine of Talisman Energy's Papua New Guinea onshore natural-gas licenses.

Talisman will own about 40 percent and Mitsubishi about 20 percent of the licenses.

In a statement, Calgary-based Talisman says the joint venture may be capable of exporting three million tonnes of liquefied natural gas a year.

Talisman has licenses to explore about 13.7 million acres in PNG.

It describes PNG as a vast and under-explored country with huge LNG supply potential within the Asia-Pacific region.