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Mitsubishi Corp. has decided to sell a 44 percent stake in its
natural gas exploration rights in Indonesia to Inpex Corp.,
formerly known as Indonesia Petroleum Ltd., for about 26 billion
yen (about US$214 million), sources close to the matter said, the
Nihon Keizai Shimbun reported in its Thursday evening edition.

The two companies have already set up a joint venture, in
which the trading giant owns a 56 percent interest and Inpex the
remainder, to promote natural gas development in the Southeast
Asian nation, the Nikkei said.

The sale will be completed by the end of November with the
transfer of the purchased rights to the joint firm.

The venture will process natural gas into liquefied natural
gas for export to Japan, China and South Korea, the sources said.

Mitsubishi's natural gas field has confirmed reserves of 14.4
trillion cubic feet, the second largest in the world after
Russia's Sakhalin field, which boasts 15 trillion cubic feet in
confirmed reserves.

Mitsubishi acquired a concession equal to 16.3 percent of the
entire field from Occidental Petroleum Corp. of the U.S. for
about 60 billion yen in July.

Among the other concession holders is British Petroleum. Total
investment in the gas field by all concession holders is expected
to reach some 300 billion yen, the Nikkei reported.

Inpex was anxious to secure new natural gas development
rights, as its existing oil and natural gas concessions in
Indonesia are due to expire in 2017.