Mitsui divests Marcellus shale gas interest

Mitsui divests Marcellus shale gas interest
Image courtesy of Alta Resources Development

Mitsui & Co. informed that its United States unit, Mitsui E&P agreed to sell a part of its interest in the Marcellus shale gas project in the state of Pennsylvania, to Alta Resources Development for US$207 million. 

Mitsui’s share of current daily production in the area to be sold is approximately 70 million cubic feet, which represents approximately 20 percent of the unit’s total daily production in the overall Marcellus shale gas project, the company said in its statement.

The stake sold to Alta Resources is 14.3 percent working interest in part of the Marcellus shale gas project.

Mitsui further added that this divestiture will enable its U.S. unit to focus its future investment into the more productive area where it will retain its working interest, improve its profitability and contribute to enhancing the value of Mitsui’s portfolio.

According to the data from the U.S. Energy Information Administration, the Marcellus Shale play holds the largest amount of natural gas proved reserves from shale.

Earlier this year, the U.S. started exporting LNG produced from shale gas. Cheniere’s Sabine Pass liquefaction facility has since February shipped more than 40 cargoes of the fuel around the globe.

The U.S. is expected to become the world’s third-largest LNG supplier by 2020 with an export capacity of 60 million mt coming from five terminals located along the Gulf Coast.

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