Mitsui Oil Exploration

Mitsui Oil Exploration
Mitsui Oil Exploration Co.
Industry oil and gas industry
Founded 1969
Headquarters Minato, Tokyo, Japan
Parent Mitsui & Co.
Website www.moeco.co.jp

Mitsui Oil Exploration Co., Ltd. (三井石油開発株式会社 Mitsui Sekiyu Kaihatsu Kabushiki-gaisha?) (MOECO) is an oil exploration subsidiary of Mitsui & Co. that specializes in natural gas. It has its headquarters in the Hibiya Central Building in Nishi-Shinbashi, Minato, Tokyo.[1]

It was one of 17 Mitsui companies that were spun off on July 19, 1969.[2]

Its core areas are Thailand, where it drills principally in the Gulf of Thailand in conjunction with Chevron[3], and Vietnam and Cambodia. [4] As of March 31, 2010 Mitsui & Co. owns 69.91% of the company. The Ministry of Economy, Trade and Industry owns 20.03%. Yoshiyuki Kagawa is the President & Chief Executive Officer. It has 110 employees.

United States operations

In the United States its subsidiary is MOEX USA Corp[5] and is headquartered in 9 Greenway Plaza in Houston.

In September 2007 it established subsidiary MOEX Offshore 2007 LLC which entered into a partnership with BP for drilling in the Gulf of Mexico.[6] On April 20, 2010, its rig the Deepwater Horizon exploded and sank, causing a massive oil spill. In May, 2011, MOEX Offshore, having had a 10% stake in the Deepwater Horizon through a subsidiary, agreed to pay US$1.07 billion to settle BP claims against it over the accident. Some analysts had thought BP would realize a larger settlement from MOEX but there was also relief to have a first step toward resolving the multiple claims.[7]

In February, 2010, through subsidiary Mitsui E&P USA LLC ("MEPUSA") it acquired 32.5% of Anadarko Petroleum Corporation's interest in the Marcellus Shale gas project in Pennsylvania (thereby acquiring 15.5% interest in the entire project lease and approximately 100,000 acres (40,469 ha) of land).[8]

References

  1. ^ "Company Information." (Direct link to map) Mitsui Oil Exploration Co. Retrieved on July 11, 2010.
  2. ^ "Company Information". MOECO. http://www.moeco.co.jp/en/about/data.html. Retrieved 2010-06-18. 
  3. ^ "Thailand | Project". MOECO. 2009-11-18. http://www.moeco.co.jp/en/project/thailand.html. Retrieved 2010-06-18. 
  4. ^ "Mitsui Oil Exploration Co., Ltd.: About MOECO". Moeco.co.jp. http://www.moeco.co.jp/english/about/history_archives.html. Retrieved 2010-06-18. 
  5. ^ "Mitsui Oil Exploration Co., Ltd.: Project". Moeco.co.jp. http://www.moeco.co.jp/english/project/index.html. Retrieved 2010-06-18. 
  6. ^ "Mitsui Oil Exploration Co., Ltd.: Project: U.S.A". Moeco.co.jp. http://www.moeco.co.jp/english/project/usa-moexusa.html. Retrieved 2010-06-18. 
  7. ^ Kennedy, Simon (May 20, 2011). "BP settles with Mitsui arm over Macondo spill". MarketWatch. http://www.marketwatch.com/story/bp-settles-with-moex-over-macondo-spill-2011-05-20. Retrieved 2011-05-20. 
  8. ^ "News Releases | Participation in the Shale gas projects in Pennsylvania - MITSUI & CO., LTD". Mitsui.co.jp. http://www.mitsui.co.jp/en/release/2010/1190155_3894.html. Retrieved 2010-06-18. 

External links

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