Trading house Sojitz Corp. has agreed to pay 123 million Australian dollars (¥12.2 billion) to buy a 10 percent stake in an oil and gas project off Australia's southeast coast, gaining from record crude prices.
Sojitz will buy the stake in Basker-Manta-Gummy from Beach Petroleum Ltd., which is reducing its interest to 30 percent, Adelaide-based Beach said Friday in a statement to the Australian Stock Exchange.
Beach and Anzon Australia Ltd., operator of the project, last year each sold a 10 percent stake in Basker-Manta-Gummy to Itochu Corp., Japan's fourth-largest trading company, for A$246 million (¥24.4 billion).
The venture, which started producing oil in December 2006 and has yet to commence gas production, had proven and probable oil reserves of nearly 40 million barrels as at June 30.