| Industry | Oil and gas industry |
|---|---|
| Founded | July 19, 1969 (1969-07-19) |
| 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 |
Mitsui Oil Exploration Co., Ltd. (三井石油開発株式会社,Mitsui Sekiyu Kaihatsu Kabushiki-gaisha) (MOECO) is anoil exploration subsidiary ofMitsui & Co. that specializes innatural gas. It has its headquarters in the Hibiya Central Building inNishi-Shinbashi,Minato,Tokyo.[1]
It was one of 17 Mitsui companies that were spun off on July 19, 1969.[2]
Its core areas areThailand, where it drills principally in theGulf of Thailand in conjunction withChevron,[3] andVietnam andCambodia.[4] As of March 31, 2010 Mitsui & Co. owns 73.35% of the company. TheMinistry of Economy, Trade and Industry owns 20.03%. Mitsuo Hidaka is the President & Chief Executive Officer.[5]
In the United States Mitsui's subsidiary is MOEX USA Corp[6] and is headquartered in 9Greenway Plaza inHouston.
In September 2007 it established subsidiary MOEX Offshore 2007 LLC which entered into a partnership withBP for drilling in theGulf of Mexico.[7] On April 20, 2010, its rig theDeepwater Horizonexploded and sank, causing a massiveoil 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 towardresolving the multiple claims.[8]
In February 2010, through subsidiary Mitsui E&P USA LLC ("MEPUSA") it acquired 32.5% ofAnadarko Petroleum's interest in theMarcellus Shale gas project inPennsylvania (thereby acquiring 15.5% interest in the entire project lease and approximately 100,000 acres (40,469 ha) of land).[9]
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