Mitsui Oil Exploration

From Infogalactic: the planetary knowledge core
Jump to: navigation, search
Mitsui Oil Exploration Co.
三井石油開発株式会社
Industry Oil and gas industry
Founded July 19, 1969 (1969-07-19)
Headquarters Minato, Tokyo, Japan
Key people
 Mitsuo Hidaka (President & CEO)
Owner Mitsui & Co. (73.35%)
Ministry of Economy, Trade and Industry (20.03%)
Parent Mitsui & Co.
Subsidiaries MOEX USA, Corp.
MOEX Offshore LLC.
Website moeco.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. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

Retrieved from "https://infogalactic.com/w/index.php?title=Mitsui_Oil_Exploration&oldid=717185230"