Talisman and Mitsubishi announce strategic joint venture in Papua New Guinea
Talisman Energy announced on 22 February 2012 that is has entered into a farm-out agreement for a portion of its acreage in Papua New Guinea (PNG). Mitsubishi Corporation will enter nine of Talisman's 14 blocks. These blocks contain discovered resources of nearly 2.5 tcf of gas and 53 mmbbls of condensate. The deal is exploration driven. Mitsubishi will fund the exploration work programme through its US$280 million consideration, paid as a capital carry. This deal is a continuation ...