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News Releases 2007
ITOCHU to acquire 20% interest of Kudu gas field in Republic of Namibia
April 4, 2007
ITOCHU Corporation (ITOCHU) announces that it has reached agreement to acquire a 20% interest in Kudu gas field from Tullow Oil plc (Tullow). Kudu gas field is located in continental shelf, offshore Namibia and it has already approx. 1.4 – 4.1 TCF of gas reserves in place.
The two-well appraisal program is about to start from May and it is anticipated that its result will be confirmed within this year.ITOCHU expects that the appraisal program will demonstrate the potential of multi-tcf (more than 5TCF) gas reserves, which can lead to a new LNG Project Development in Namibia.
ITOCHU has participated in three LNG Project namely, Ras Laffan LNG in Qatar, Oman LNG and Qalhat LNG in Oman. ITOCHU aims to expand its activities on natural gas development/marketing not only in the middle east but also in the world, and will try to develop natural gas value-chain businesses in future.