Toyota Tsusho Acquires Rights to Australian Concession
Posted on March 11, 2008 – 5:38 pm | by oilandgaspress.com
Moving Into the Gas Exploration Sector - Toyota Tsusho Acquires Rights to Australian Concession 2008-03-06 Toyota Tsusho Corporation (?the company,? head office: Nagoya, Japan; President: Junzo Shimizu) today announced its acquisition in January 2008 of a total of 7.5% of rights in the WA-294-P permit in offshore Australia from Woodside Energy Ltd (?Woodside,? head office: Perth, Australia) and BHP Billiton Petroleum (North West Shelf) Pty Ltd (?BHP Billiton,? head office: Melbourne, Australia). This move marks the company?s first entry into the gas exploration sector. The company?s involvement in this project will be undertaken by its wholly owned subsidiary, Toyota Tsusho Gas E&P Australia Pty Ltd (?TTGEPA,? head office: Sydney, Australia). Regarding the acquisition of rights in the permit, the company plans on receiving financial assistance for oil and gas exploration from the Japan Oil, Gas, and Metals National Corporation (JOGMEC, President: Isao Kakefuda). Woodside is one of Australia?s largest players in the oil and gas exploration sector, and is a leading global performer in liquefied natural gas (LNG) operations. Together with its partners, the company intends to continue its ongoing progress in the exploration sector as it looks to discover commercially-viable gas fields. Participating in these exploration operations is essential to realizing the company?s aim of constructing an integrated gas supply framework, from the upstream stage to downstream operations. In terms of future overseas operations, the company intends to be proactively involved in further projects of interest, securing natural gas resources and providing a stable supply to areas of high demand. Overview Concession area: WA-294-P permit (4175 km2 block 240 km offshore northwest Dampier, Western Australia, Australia). Interest ratio following participation of the company: Woodside (operator): 42.7291% BHP Billiton: 17.3586% Japan Australia LNG (MIMI) Pty Ltd: 32.4123% (unaffected by the company?s participation) TTGEPA: 7.5% ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT www.oilandgaspress.com - The ‘one stop shop’ for global Oil and gas press releases!!!
Tags: acquires, Australian, concession, Rights, Toyota Tsusho
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