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Itochu snaps up BMG stake



By Upstream staff 

Japanese trading company Itochu Corporation has paid A$246 million (US$211.7 million) for a 20% stake in the Basker Mantar Gummy (BMG) oil project off south-east Australia.

Itochu has paid A$123 million to each of Anzon and Beach Petroleum for a stake in the project, the two Australian companies said in a joint statement.

Anzon and Beach will each retain a 40% interest in the joint venture.

The BMG project has estimated proved and probable reserves of about 40 million barrels of oil, 380 petajoules of gas and around 90 million barrels of condensate.

Anzon and Beach have forecast the A$1.23 billion project to have a field life of up to 15 years.


Friday, 10 August, 2007, 01:04 GMT  | last updated: Friday, 10 August, 2007, 03:18 GMT

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