Japan’s Mitsubishi acquires stake in Cote d’Ivoire block

9/15/2014

Japan’s Mitsubishi acquires stake in Cote d’Ivoire block

TOKYO, Japan -- Japan's Mitsubishi Corporation (MC) has agreed to acquire a 20% ownership interest in Block CI-103 from U.S.-based Anadarko Petroleum Corporation. Block CI-103, which is located off the coast of Cote d’Ivoire, is currently in appraisal.

The block is located about 50 km off the coast of Cote d’Ivoire, at a water depth of 2,000 m.

Anadarko, Tullow Oil and Petroci (Cote d’Ivoire’s national oil company), who are the interest holders in the block, have 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, while the parties work towards reaching a final investment decision.

Ever since the discovery of oil and gas deposits off the coast of neighboring Ghana several years ago, Cote d’Ivoire and the Western Coast of Africa, have also been attracting much international attention as an area for oil and gas wealth. 

This is the first time that a Japanese company is undertaking an oil and gas project in Cote d’Ivoire.

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