Mitsubishi Corporation (MC) is pleased to announce the transfer of 25% 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% 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 of 2012.

 

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.

 

Baudroie-Merou Block: MPDC Gabon 50%; Total Gabon 50%

Loche East Block: MPDC Gabon 50%; Perenco Oil and Gas Gabon, 40%; Gabonese Government, 10%

Representative:Ken Kobayashi, President and CEO

Location:3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-0005

Capital:204 billion yen

Date Established:April 1, 1950

No. of Employees:65,975 (consolidated, as of March 31, 2013)

Business Activities:MC has seven Business Groups which develop operations in the diverse fields of Global Environment & Infrastructure; Industrial Finance, Logistics &Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. MC also recently established a Business Service Group.

 

Representative:Shogo Shibuya, President and CEO

Location:4-6-2, Minatomirai, Nishi-ku, Yokohama 220-8765, Japan

Capital:43 billion yen

Date Established:January 20, 1948

No. of Employees:4,915 (consolidated, as of March 31, 2013)

Business Activities:Project and Program Management, Feasibility Studies, FEED, Engineering, Procurement, Construction, Commissioning, O&M and Asset Management     

 

Representative:Kenichi Koyanagi, President and CEO

Location:3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-0005       

Capital:495 million yen

Date Established:February 1, 2001

Revenue:8,030 million yen (for fiscal year ended December 31, 2012)

Business Activities:Exploration and development of oil and gas in West Africa