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]
| Industry | Oil and gas industry |
|---|---|
| Founded | July 19, 1969 |
| Headquarters | , 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 |
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
editIn the United States Mitsui's 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
edit- ^ "Company Information Archived 2010-06-15 at the Wayback Machine." (Direct link to map Archived 2012-03-08 at the Wayback Machine) Mitsui Oil Exploration Co. Retrieved on July 11, 2010.
- ^ "Company Information". MOECO. Archived from the original on 2010-06-15. Retrieved 2010-06-18.
- ^ "Thailand | Project". MOECO. 2009-11-18. Archived from the original on 2010-06-17. Retrieved 2010-06-18.
- ^ "Mitsui Oil Exploration Co., Ltd.: About MOECO". Moeco.co.jp. Archived from the original on 2009-10-04. Retrieved 2010-06-18.
- ^ "Company Information | Company Information | MOECO". www.moeco.com. Retrieved 2016-02-26.
- ^ "Mitsui Oil Exploration Co., Ltd.: Project". Moeco.co.jp. Archived from the original on 2009-07-10. Retrieved 2010-06-18.
- ^ "Mitsui Oil Exploration Co., Ltd.: Project: U.S.A". Moeco.co.jp. Archived from the original on 2010-05-27. Retrieved 2010-06-18.
- ^ Kennedy, Simon (May 20, 2011). "BP settles with Mitsui arm over Macondo spill". MarketWatch. Retrieved 2011-05-20.
- ^ "News Releases | Participation in the Shale gas projects in Pennsylvania - MITSUI & CO., LTD". Mitsui.co.jp. Archived from the original on 2010-03-28. Retrieved 2010-06-18.
External links
edit
- Mitsui Oil Exploration Co.
- Mitsui Oil Exploration Co. (in Japanese)