Exploration and Development Alliance with Mitsubishi Corporation
Buru and Mitsubishi Corporation have established the Canning Superbasin Exploration and Development Alliance to jointly explore and develop the Canning Superbasin.
Under the terms of the Alliance, Mitsubishi Corporation will contribute up to $152.4 million to the costs of exploration and development of Buru's exploration portfolio in exchange for an equity interest of up to 50% in the majority of Buru's exploration permits. Up to $102.4 million will be spent by Mitsubishi Corporation on exploration with a further $50 million available to fund the development of the major oil and gas production infrastructure. This funding has facilitated a material acceleration in Buru’s exploration program and is a significant validation of Buru’s strategy and expertise as operator.
Mitsubishi Corporation is Japan’s largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. It has a market capitalisation of approximately ¥3.7 trillion (~$41.5 billion) as at 28 April 2011. Mitsubishi Corporation operates a global energy business with interests in all aspects of the oil and gas industry from exploration to LNG projects, refining, transport and distribution. In Australia, Mitsubishi Corporation is a major producer of oil, gas, LPG and LNG from the North West Shelf LNG Joint Venture. Since the 1960’s Mitsubishi Corporation has become a major participant in developing Australian oil and gas, coal, aluminium, iron ore, uranium, power generation and infrastructure projects.
Together with its over 500 group companies, Mitsubishi Corporation employs a multinational workforce of approximately 60,000 people. Mitsubishi Corporation has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.
Mitsubishi Corporation seeks to contribute to the enrichment of society through business firmly rooted in principles of fairness and integrity.
Further information on the company is available on the Mitsubishi Corporation website at:
www.mitsubishicorp.com/jp/en/