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Mitsui to Accelerate Eagle Ford Ops as Project Potential Grows
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Mitsui & Co., Ltd. has approved the accelerated expansion of the Eagle Ford Shale development in Texas, which is currently owned through Mitsui's 100% subsidiary Mitsui E&P Texas LP (MEPTX), as well as the participation of Mitsui Oil Exploration Co. Ltd. (MOECO) in the Project.
Mitsui initially acquired the interest in the Project in December 2011 and since then has participated in the development and production, approving its expansion in November 2012. Based on the high profitability outlook of shale oil production assisted by the recent firm oil prices, as well as the ability to focus the development on high productivity areas based on the expertise accumulated to date, Mitsui approved a further accelerated expansion of the Project as outlined below. It is expected that the total…
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