By the OGJ Online Staff
HOUSTON, Feb. 13 -- Mitsui & Co. Ltd. and affiliate Mitsui Oil Exploration Co. Ltd. have agreed to buy Fortum Oil & Gas Oy's 35% interest in Suneinah producing concession in Oman for 180 million euros.
Occidental Petroleum of Oman Inc. operates the concession, which covers several oil fields in Oman. In 1999, Fortum's share of net production in Suneinah was 7,900 boe/d.
The deal includes associated gas exploration and production rights. The Mitsui companies will acquire all of the shares of Fortum (E&P) BV, a wholly owned subsidiary of Fortum Oil & Gas Oy.
The agreement is subject to Omani government approval, but is expected to close in the second quarter. It will be effective Dec. 31, 2001.
Fortum said the arrangement is part of its decision to focus on the Nordic energy market.
