Japan’s Mitsubishi grabs stake in Côte d’Ivoire block
- Business & Finance
Japan’s Mitsubishi Corporation (MC) has agreed to acquire a 20% stake in Block CI-103, offshore Côte d’Ivoire, from Anadarko Petroleum Corporation.
The transfer of the interests will be finalized once the government of Côte d’Ivoire issues the required approvals. Block CI-103 is located about 50 kilometers off the coast of Côte d’Ivoire, at a water depth of 2,000 meters.
Mitsubishi has used the opportunity to highlight the fact that this transaction makes it Japan’s first company to enter oil and gas exploration business in Côte d’Ivoire.
The US-based independent oil company Anadarko will reduce its ownership in the block from 50% to 30%. Other stakeholders in the block, Tullow Oil and PETROCI, Côte d’Ivoire’s national oil company will keep their respective 30% and 15% ownership.
Andarako has received approval to proceed with appraisal operations, having confirmed oil and gas deposits at an exploratory well they drilled in 2012.
Further evaluation works for deposits, including conducting shallow hazard surveys and drilling additional appraisal wells, will proceed with MC as a new entrant under the ownership structure outlined below, while the parties work towards reaching a final investment decision.