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Mitsui Oil Exploration

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Mitsui Oil Exploration Co.
三井石油開発株式会社
IndustryOil and gas industry
FoundedJuly 19, 1969 (1969-07-19)
Headquarters
Minato, Tokyo
,
Japan
Key people
Mitsuo Hidaka (President & CEO)
OwnerMitsui & Co. (73.35%)
Ministry of Economy, Trade and Industry (20.03%)
ParentMitsui & Co.
SubsidiariesMOEX USA, Corp.
MOEX Offshore LLC.
Websitemoeco.co.jp (en)

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 73.35% of the company. The Ministry of Economy, Trade and Industry owns 20.03%. Mitsuo Hidaka is the President & Chief Executive Officer.[5]

United States operations

In the United States its subsidiary is MOEX USA Corp[6] 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.[7] 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.[8]

In February, 2010, through subsidiary Mitsui E&P USA LLC ("MEPUSA") it acquired 32.5% of Anadarko Petroleum'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).[9]

References

  1. ^ "Company Information." (Direct link to map) Mitsui Oil Exploration Co. Retrieved on July 11, 2010.
  2. ^ "Company Information". MOECO. Retrieved 2010-06-18.
  3. ^ "Thailand | Project". MOECO. 2009-11-18. Retrieved 2010-06-18.
  4. ^ "Mitsui Oil Exploration Co., Ltd.: About MOECO". Moeco.co.jp. Retrieved 2010-06-18.
  5. ^ "Company Information | Company Information | MOECO". www.moeco.com. Retrieved 2016-02-26.
  6. ^ "Mitsui Oil Exploration Co., Ltd.: Project". Moeco.co.jp. Retrieved 2010-06-18.
  7. ^ "Mitsui Oil Exploration Co., Ltd.: Project: U.S.A". Moeco.co.jp. Retrieved 2010-06-18.
  8. ^ Kennedy, Simon (May 20, 2011). "BP settles with Mitsui arm over Macondo spill". MarketWatch. Retrieved 2011-05-20.
  9. ^ "News Releases | Participation in the Shale gas projects in Pennsylvania - MITSUI & CO., LTD". Mitsui.co.jp. Retrieved 2010-06-18.
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