 |
 |
 |
 |
 |
 |
 |
 |
 |
Mitsubishi Corporation Exploration (MCX) plays a very important role in propulsion, management and administration of E&P projects that Mitsubishi Corporation, our sole shareholder, has interests in. We are also a service company that utilizes the combined know-how of our excellent staff to develop and propose plans for new assets acquisition projects. Since our establishment in 2001, the number of MCX employees has been increasing substantially year by year due to E&P projects being positioned as one of the core businesses in the entire Mitsubishi Corporation businesses. Not only engaging in existing businesses, we are also contributing to the large-scale, new assets acquisition projects of Mitsubishi Corporation.
Furthermore, with regard to Mitsubishi Corporation's important and growing LNG business, MCX is both participating in existing businesses in such locations as Australia, Malaysia, and Sakhalin as well as conducting technical support to Mitsubishi Corporation in the upstream sector related to new project development.
In MCX's role as a management and administration company for E&P projects that parent company Mitsubishi Corporation holds interests in, our excellent staff provide essential support for technical evaluation and project management required for E&P projects. MCX aims to further strengthen its manpower as its business expands. MCX has a promotion system based on individual business performances and takes a progressive attitude with regard to personnel skill development.
The areas of MCX's operations are spread across the globe, including the US Gulf of Mexico, UK North Sea, Asia, North Africa, and West Africa. Looking ahead, MCX expects to further expand its global presence.
|
MCX is engaged in E&P projects in the US Gulf of Mexico through the dispatch of personnel to MCX Exploration (USA), Ltd. Currently it holds interests in over 40 blocks in the US Gulf of Mexico including 7 in K2 Unit, and more than 10 of those blocks are producing oil and gas. At several of those blocks, development works are in progress. In the remaining blocks, development works or exploration are scheduled to begin in the near future. |
 |
|
In July 2006 MCX Exploration (UK), Ltd was established to carry out and promote E&P business in the UK North Sea. Currently, the development of Tristan North West gas field is underway. |
 |
|
In cooperation with Japan Petroleum Exploration Co., Ltd. (JAPEX), we are effectively a joint operator of the Kangean PSC, located in the offshore East Java, Indonesia, and engaged in developing and producing natural gas & oil in the block. Several oil & gas developments are expected to proceed for further production increases. Mitsubishi Corporation indirectly acquired 19.97% of the issed share of Indonesia's PT. Medco Energi Internasional Tbk (Medco) in August 2007. We look to expand and reinforce our E&P business portfolio under the Strategic Alliance Agreement between Mitsubishi Corporation and Medco. |
 |
MCX has been conducting exploration activities for four blocks in Libya, both onshore and offshore.
In Tunisia, appraisal works are currently underway to advance to the development stage in the Chaal block, onshore proved undeveloped gas field.
Through Mitsubishi Corporation subsidiary, MPDC Gabon Co., Ltd., MCX is involved in the exploration, development and production of oil in five offshore blocks in Gabon. Development and production is underway at the Baudroie Merou Block, and exploration is in progress at the Ebene Block and Azobe Block. MCX is engaged in exploration as an operator in the Moabi Block and Nguma Block.
|
Exploration, development and production activities are ongoing through our group companies - Angola Japan Oil Co., Ltd, AJOCO Exploration Co., Ltd, and AJOCO'91 Exploration Co., Ltd. — in Block-3, offshore Angola. With a view to expand and strengthen our activities, a Representative Office is to be established in Luanda, Angolan capital. |
 |
 |