By Staff Reporter
Mitsubishi Corp. said Sept. 12 it will acquire 20 percent ownership in a hydrocarbon production sharing project and become the first Japanese company to undertake an oil and gas project in the Ivory Coast.
Mitsubishi will obtain the stake from U.S.-based Anadarko Petroleum Corp.
The Block CI-103 hydrocarbon production project, located about 50 kilometers off the Ivory Coast at a depth of 2,000 meters, is currently in appraisal. The transfer of interests to Mitsubishi will be finalized once the Ivory Coast government issues the required approvals.
Anadarko, Tullow Oil Plc. and Petroci (Ivory Coast’s national oil company), who are the interest holders in the block, have received approval to proceed with appraisal operations. They have confirmed oil and gas deposits at an exploratory well drilled in 2012.
Further evaluation work for deposits, including conducting shallow hazard surveys and drilling additional appraisal wells, will proceed with Mitsubishi as a new partner.
International attention to western Africa for oil and gas wealth has increased since oil and gas deposits were discovered off the coast of Ghana several years ago.
Anadarko is a global leader in deep-water exploration and development. It will draw on Mitsubishi’s expertise accumulated over many years through projects on the coast of the African nations of Gabon and Angola.