Mitsubishi Corporation (“MC”) is pleased to announce that it has entered into an agreement with Anadarko Petroleum Corporation (Anadarko), to acquire 10% participation interests in the Liberia Block 10 (LB-10), offshore Republic of Liberia.

 

The initial exploration work has been started in the LB-10 from June 2009 when Anadarko has reached a Production Sharing Contract (“PSC”) with National Oil Company of Liberia. In addition to MC’s participation, Repsol YPF, has also acquired 10% interests, making the participating interest for the LB-10 as follows.

 

                    Anadarko                           : 80% (Operator)

                    Repsol YPF                       : 10%

                    MC                                       : 10%

 

Promising prospects have already been identified through 3-D seismic work, and further exploration work will be carried out next year, subject to each company’s approval.

 

West Africa has become one of the fastest growing and high-potential oil producing areas in the world after discovery of large oil field in Ghana. This project is the first for the Japanese company to participate in the commercially based Liberian business as well as exploration work in Liberia.

 

West Africa has always been a main focus area for MC that has been producing oil in Gabon and Angola since 1970s and 1980s. MC is going to promote this project by utilizing the knowledge accumulated in the past years in West Africa.

 

Mitsubishi Corporation has been actively involved in the oil exploration and production worldwide, with multiple projects in the region such as West Africa, Southeast Asia, US Gulf of Mexico, UK North Sea, Australia and Russia.