Mitsubishi Corporation Transfers MPDC Gabon Shares to Chiyoda Corporation
Tokyo, Oct 4, 2013 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased
to announce the transfer of 25 percent of its shares held in wholly owned
subsidiary, MPDC Gabon Co. Ltd. (MPDC Gabon), to Chiyoda Corporation.
MPDC Gabon, established in 2001, oversees the exploration and development of
oil and natural gas in West Africa. MPDC Gabon holds 50 percent each
participating interests in two offshore blocks in the Republic of Gabon-the
Baudroie-Merou Block and the Loche East Block*. MPDC Gabon produces some 4,000
barrels per day, reaching a cumulative volume of 146 million barrels at the end
Drawing on Chiyoda's engineering capabilities, this partnership will
contribute to stable and efficient operation of the projects.
MC has been conducting business in petroleum exploration and development since
it acquired an all equity stake in Mitsubishi Petroleum Development Co., Ltd.
(MPDC; now Mitsubishi Corporation Exploration Co., Ltd.) in 2001. MPDC had an
early focus on West Africa, with operations in Gabon since the 1970s and in
Angola since the 1980s, and is taking advantage of the wealth of expertise
accumulated over the years in the successful execution of business.
MC will continue to develop its oil and gas business globally, not only in
West Africa, but also in Asia and North America as part of its commitment to
playing a part in providing a stable supply of energy to the market.
* Shareholder Breakdown
Baudroie-Merou Block: MPDC Gabon 50 percent; Total Gabon 50 percent
Loche East Block: MPDC Gabon 50 percent; Perenco Oil and Gas Gabon, 40
percent; Gabonese Government, 10 percent.
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