Marubeni Corporation
Jan. 6, 2012
Marubeni Corporation ("Marubeni") announced that Marubeni
Eagle Ford Limited Partnership, a U.S. subsidiary of
Marubeni, has entered into an agreement with Dallas based
Hunt Oil Company ("Hunt"), one of the world's largest
privately-owned independent oil and gas companies, to acquire
a 35% working interest in the Eagle Ford shale oil and gas
play covering approximately 52,000 net acres of oil and gas
leases located in Texas (the "Project").
The Project has plans for several hundred wells to be
sequentially drilled for 5 - 10 years, with total development
costs (including acquisition costs on Marubeni's share basis)
of approximately U.S.$ 1.3 billion. In addition, Marubeni and
Hunt have agreed to jointly acquire additional acreage in the
Eagle Ford shale oil and gas area.
The Eagle Ford oil and gas shale play currently
produces high-quality light crude oil, and is one of the most
attractive and promising shale oil and gas resource plays in
the U.S. We believe that this Project, including future
expansion and the potential new businesses associated with
it, will become a solid base for Marubeni providing a strong
cash flow and profit on the mid- to long-term basis. Our
acreage position in the Eagle Ford is believed to be
prospective, and Hunt, the operator of this Project, has
extensive experience and expertise in the development and
operation of a number of oil and gas shale plays including
the Bakken located in North Dakota in the United
States.
Marubeni has positioned its energy and mineral
resources business, including oil and gas exploration and
development, as a strategically important business area, and
has already been involved in projects in the Gulf of Mexico,
the North Sea (U.K.), India, Qatar and the Niobrara Shale Oil
(U.S.), which started its initial oil production in October,
2011. As the result of this Project, Marubeni's total acreage
for shale oil play is approximately 72,000 net acres, which
makes Marubeni the largest acreage holder among Japanese
firms.
We will continue to expand our business by acquiring
quality shale oil and gas assets in the U.S. as well as other
countries leveraging our experience and know-how gained
through the Niobrara Shale Oil project and the Eagle Ford
project. We strongly believe that the shale oil and gas play
will be spreading all over the world.
Summary of Hunt Oil Company
Hunt Oil Company is an affiliate of Hunt Consolidated, Inc.,
which is a part of the Hunt family of companies directed by
Ray L. Hunt. Hunt Oil Company was founded in 1934 and today
is one of the largest privately-owned independent oil
companies in the world. Hunt Oil Company engages in oil and
gas exploration and production activities around the globe.
Hunt has been integrally involved in the construction and
operation of major liquefied natural gas (LNG) projects in
Yemen and Peru.
Location of Eagle Ford Oil and Gas Shale
Photos of Production Facilities
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