Oil major Mitsui quits Tui oilfield stake

Wed, 02 Oct 2013

(replaces earlier story headlined Mitsui “quits” NZ) Oct. 3 (BusinessDesk) – Japan’s Mitsui group has quit its only substantial interest in New Zealand oil and gas production, selling its 35 percent stake in the Tui oil field to its partners in the venture, New Zealand Oil & Gas, AWE, and Pan Pacific Petroleum. Mitsui sold its interest for a total of about US$14.9 million, with AWE and NZOG paying US$6.4 million apiece and Pan Pacific paying US$2.1 million. It retains a 4 percent stake in the Kupe oil and gas field. The decision comes just a...

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