Itochu to buy into Namibia gas field

TOKYO – Itochu Corp., Japan’s fourth-biggest trading company, said yesterday it had agreed with Tullow Oil Plc to buy part of the UK-based oil explorer’s stake in a large liquid natural gas field in Namibia.

A company spokesman declined to comment on details. Tullow Chief Executive Aidan Heavey told Reuters last week the company was making progress on talks to sell a 20 per cent stake in its Kudu natural gas discovery off the Namibian coast.Tullow is in talks with the Namibian Government on supplying Kudu gas to a power generation facility to be run by the state-owned Namibia Power Corporation.The Nikkei business daily reported yesterday that Itochu would pay about 10 billion yen for a 20 per cent stake in the block.Nampa-ReutersTullow Chief Executive Aidan Heavey told Reuters last week the company was making progress on talks to sell a 20 per cent stake in its Kudu natural gas discovery off the Namibian coast.Tullow is in talks with the Namibian Government on supplying Kudu gas to a power generation facility to be run by the state-owned Namibia Power Corporation.The Nikkei business daily reported yesterday that Itochu would pay about 10 billion yen for a 20 per cent stake in the block.Nampa-Reuters