Mitsubishi in Indonesian oil

Mitsubishi in Indonesian oil

TOKYO (AFP): Japanese trading house Mitsubishi Corp. said on Thursday it had bought a five-percent stake in oil and gas fields off Indonesia from German energy group Veba.

Mitsubishi got the rights to acquire two concessions off the southeast Sumatran coast and northwestern Java coast of Indonesia, it said in a statement.

The fields produce a combined 190,000 barrels of crude oil and the equivalent of 50,000 barrels of natural gas per day.

The company refused to disclose how much it paid for Veba's stake.

The Nihon Keizai Shimbun business daily said the purchase price was estimated at more than five billion yen (US$47.2 million).

The deal awaits approval from Indonesian state oil company PT Pertamina before the 20-year rights to the concession can be transferred, the statement added.