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Osaka Gas to Participate in a Norwegian Oil and Gas Exploration /Production Project

June 07. 2005

Osaka Gas plans to acquire on July 1, 2005, a 49.5% (149,660 common shares) equity of Idemitsu Snorre Oil Development Co., Ltd. from the national government of Japan. The transaction originates from a sale and purchase agreement between Osaka Gas and the Japan National Oil corporation (JNOC), which was carried out as part of the sale of asset disposal process through auction by JNOC. After dissolution of JNOC, by operation of law, the Ministry of Economy, Trade, and Industry (METI) succeeded to the equity. The sale price will be 36.36 billion yen minus a dividend payment to be made to METI for the fiscal year ending March 2005 as agreed in the sale and purchase agreement between the JNOC and Osaka Gas

 Idemitsu Snorre, through its Norwegian subsidiary, produces crude oil and natural gas in the six fields within the four concession areas in the Norwegian sector of the North Sea where it has its interests. The structure of the investment after acquisition is as shown below.


<Structure of investment after acquisition>


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