Talisman, Mitsubishi To Develop PNG Natural Gas

Talisman Energy and Mitsubishi Corp. plan to develop natural gas properties in Papua New Guinea.

Calgary-based Talisman said Wednesday that Mitsubishi will pay about $280 million to form a joint venture on nine licences in the country. Talisman will hold about a 40 per cent stake in the licences, while Mitsubishi will hold 20 per cent.

The two companies have agreed to work together closely to aggregate natural gas in the Western Province of PNG with a view to potential LNG export of approximately 3 million metric tonnes per annum.