In Mitsubishi Corporation Exploration (MCX), we maintain close ties with our parent company, Mitsubishi Corporation and are playing a very important role in propulsion, management and administration of overseas oil & gas exploration, development and production projects (hereinafter referred to E&P projects) that Mitsubishi Corporation has interests in. In addition to developing and proposing plans for new assets acquisition projects, MCX is also contributing technical support in upstream sectors connected with Mitsubishi Corporation's important and growing LNG business. The areas of MCX's operations are spread across the globe, with the main regions being the US Gulf of Mexico, UK North Sea, Asia, North Africa, and West Africa. Looking ahead, MCX expects to further expand its global presence.

In Mitsubishi Corporation's last medium-term management plan “INNOVATION 2007,” E&P projects were positioned as one of the core businesses in the entire Mitsubishi Corporation businesses. Reflecting this, the size of the MCX staff has been increasing substantially year by year. MCX is not only developing its existing businesses, but also is contributing to the large-scale, new assets acquisition projects of Mitsubishi Corporation. Significant undertakings in 2007 by MCX include: participating in Mitsubishi Corporation's E&P project in the Kangean Block of East Java, Indonesia; acquiring interests in the K2 Block of deep water, the US Gulf of Mexico; entering into capital tie-up with Indonesian major oil & gas company Medco Energi Internasional Tbk. and acquiring new assets in UK North Sea. In Mitsubishi Corporation's new medium-term management plan “INNOVATION 2009” we will continuously focus on the new assets acquisition as well as strengthening the base of the existing projects.

In MCX, we have a wealth of human resources. Our project management capabilities are supported by our excellent staff who specialize in a wide range of disciplines. MCX will continue to invest in its people and aims to further strengthen its manpower as its business expands. MCX is aiming to follow positive and progressive human resource policies including a promotion system based on individual business performances and personnel skill development. MCX is a global company poised for significant further expansion. Our corporate mission is the stable supply of energy, but ingrained in the hearts of all our people is a proactive conscience towards health, safety and environment.