Marubeni Corporation announces participation in floating production platform project for Tubular Bells field in the Gulf of Mexico

Wednesday, Feb 06, 2013

Marubeni Corporation (“Marubeni”) announced that it has entered into an agreement with Tulsa based Williams Partners, L.P. (“Williams”), one of the largest US oil & gas infrastructure master limited partnerships, to acquire 49% interests in the floating production platform project for Tubular Bells Field in the Gulf of Mexico, United States.  Marubeni and Williams have also simultaneously entered into a MoU about jointly developing petrochemical downstream projects and oil & gas infrastructure projects utilizing gas produced in North America including shale plays.

Under this agreement, Marubeni will invest in Gulfstar One, LLC (“Gulfstar”), a US company established by Williams.  Gulfstar entered into an agreement with Hess Corporation and Chevron U.S.A Inc., two of the largest US energy companies, to provide production handling and gas processing services in Tubular Bells field Hess and Chevron lease.  Gulfstar is currently constructing a floating platform in the US and expects to start the service in the first quarter of FY 2014.

Infrastructure projects related to oil & gas production, processing, transportation, and  distribution have been one of the focused business areas for Marubeni, as represented by its recent investments in gas processing, transportation and distribution projects in Australia.  Marubeni aims to grow this business segment through participation in this project and development of their relationship with Williams.

Williams Partners L.P. is a leading diversified master limited partnership focused on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid fractionation; and oil transportation. The partnership owns interests in three major interstate natural gas pipelines that, combined, deliver 14 percent of the natural gas consumed in the United States. The partnership's gathering and processing assets include large-scale operations in the U.S. Rocky Mountains and both onshore and offshore along the Gulf of Mexico. Williams (NYSE: WMB) owns approximately 70 percent of Williams Partners, including the general-partner interest.   Marubeni will seek and expand business opportunities in North America by developing their relationship with Williams.

Source: Marubeni Corporation

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