JOGMEC provides equity financing to Mitsui Oil Exploration Co.,Ltd.
for an oil exploration project offshore Indonesia
Japan Oil, Gas and Metals National Corporation ("JOGMEC", President: Hirobumi Kawano) decided to provide equity capital finance to a subsidiary of Mitsui Oil Exploration Co.,Ltd.("MOECO", President and Chief Executive Officer: Mr. Yoshiyuki Kagawa) for an oil exploration project in the Tuna Block, located in the eastern Natuna Sea, the Republic of Indonesia.
In March 2007, MOECO acquired a 35% interest of the Tuna Block as a result of the joint bid lodged with Premier Oil Plc ("Premier") for the 2006 Indonesian Bidding Round. Premier is the operator of this block with a 65% interest.
JOGMEC will provide equity capital covering up to 75% of the exploration expenditures incurred by Moeco Tuna E&P Co., Ltd., an affiliate established by MOECO for this project.
A number of oil and gas fields have been discovered in this area, and the Tuna Block is also considered promising. This project is expected to enhance Japan's E&P activities in Southeast Asia, as well as reinforce Japan's energy security when successful.
1) Corporate data
| Company Name |
Moeco Tuna E&P Co., Ltd. |
| Date of Establishment |
March 9, 2007 |
| Head Office |
Japan |
| President |
Mr. Yoshiyuki Kagawa |
| Shareholders |
Mitsui Oil Exploration Co.,Ltd. (Voting right: more than 51%) / Japan Oil, Gas and Metals National Corporation (Voting right: less than 49%) |
2) Block (see attached map)
Tuna Block, offshore Republic of Indonesia
3) Participating Interest (at present)
| License Holder |
ParticipatingInterest |
| Premier Oil Tuna B. V. *(Operator) |
65% |
| Moeco Tuna E&P Co., Ltd. |
35% |
* A subsidiary of Premier Oil Plc
Adoption as an eligible project for equity financing
1) Adoption date: January 5, 2011
2) Estimated amount of equity financing (2011-2013) : Approx. JPY 2.4 billion
- Satisfying JOGMEC's technical, economical, political and business related criteria
- Expected to increase the competitiveness of Japanese upstream industry
- Eligible for 75% equity financing because of large expected reserve and country risk
Attachment
oil exploration project offshore Indonesia
The inquiry about this page.
Public Relation Division
Tel 03-6758-8106