Japan-based Mitsubishi Corporation, a diversified company, has agreed to acquire a 10 per cent stake in Nippon Oil Exploration (Myanmar) Limited, an oil and gas company, from JX Nippon Oil & Gas Exploration Corporation, a company that explores, develops, and produces oil and gas, as well as other mineral resources. Nippon Oil holds a 19.3 per cent participating interest in an upstream oil and gas project and gas pipelines in Blocks M-12/13/14 in the Andaman Sea, which include the Yetagun gas field in Myanmar. The Yetagun gas field that was discovered in 1992 started producing natural gas in 2000, which is sold and supplied to the Petroleum Authority of Thailand through a pipeline. Condensate, produced along with natural gas, is stored in a floating storage and offloading system; it is sold domestically and internationally. Currently, both JX Nippon and the Japan government hold a 50 per cent stake each in Nippon Oil. The acquisition will enable Mitsubishi to enter into upstream oil and gas operations in Myanmar.
