| 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.
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]
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
