Mitsubishi Invests $280M In Southeast Asia Energy Deal

Law360, New York (February 22, 2012, 1:59 PM EST) -- Mitsubishi Corp. has reached a $280 million joint venture agreement with Canadian company Talisman Energy Inc. to develop nine natural gas projects in Papua New Guinea, Talisman said Wednesday.

Mitsubishi will pay Talisman in exchange for equity positions in Talisman's nine liquefied natural gas plays in Papua New Guinea's fossil fuel-rich Western Province, the Canadian energy company said.

The deal is known as a farm-out agreement, in which the owner of a natural gas lease assigns some or all of their interest in the lease to...
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