Japan's Mitsui acquires Mozambique block stake

TOKYO, Feb 7 (Reuters) - Japanese trading house Mitsui & Co Ltd (8031.T: Quote, Profile, Research) said on Thursday a subsidiary has acquired a 20 percent stake in the Rovuma Offshore Area 1 block in Mozambique from U.S. firm Anadarko Petroleum Corp (APC.N: Quote, Profile, Research).

Mitsui said a seismic and geological survey and drilling of exploration wells will take place over the next four years. The deal, pending approval by Mozambique government, would mark the first time that a Japanese company has participated in commercial exploration activities in the country, Mitsui said.

A Mitsui spokesman said it expects to spend about 15 billion yen ($141 million) for the stake purchase, exploration and other costs.

State-run Japan Oil, Gas and Metals National Corp (JOGMEC) said in a separate statement it would provide 75 percent of Mitsui's expected costs, or 11.64 billion yen ($109.5 million), by 2011. The Area 1 block, which covers about 10,700 square km (4,130 square miles), is situated off the north coast of Mozambique. ($1=106.27 Yen) (Reporting by Osamu Tsukimori; Editing by Mike Miller)