Mitsui in US shale joint venture

Mitsui E&P USA will pay $1.4 billion to become a 32.5% partner in Anadarko’s Marcellus Shale assets, primarily located in north-central Pennsylvania.

Mitsui will gain approximately 100,000 net acres in exchange for funding 100% of Anadarko’s share of development costs in 2010, and 90% of these costs thereafter. All obligations are estimated to be completed by 2013.

Mitsui will also have the opportunity to purchase a 32.5% share of Anadarko’s existing wells and additional acreage acquisitions for