| Mitsui Oil Exploration Co. 三井石油開発株式会社 | |
| Location City: | Minato, Tokyo |
| Location Country: | Japan |
| Key People: | Mitsuo Hidaka (President & CEO) |
| Industry: | Oil and gas industry |
| Owner: | Mitsui & Co. (73.35%) Ministry of Economy, Trade and Industry (20.03%) |
| Parent: | Mitsui & Co. |
| Subsid: | MOEX USA, Corp. MOEX Offshore LLC. |
(MOECO) is an oil exploration subsidiary of Mitsui & Co. that specializes in natural gas. It has its headquarters in the Hibiya Central Building in Nishi-Shinbashi, Minato, Tokyo.[1]
It was one of 17 Mitsui companies that were spun off on July 19, 1969.[2]
Its core areas are Thailand, where it drills principally in the Gulf of Thailand in conjunction with Chevron,[3] and Vietnam and Cambodia.[4] As of March 31, 2010 Mitsui & Co. owns 73.35% of the company. The Ministry 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 9 Greenway Plaza in Houston.
In September 2007 it established subsidiary MOEX Offshore 2007 LLC which entered into a partnership with BP for drilling in the Gulf of Mexico.[7] On April 20, 2010, its rig the Deepwater Horizon exploded and sank, causing a massive oil 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 toward resolving the multiple claims.[8]
In February, 2010, through subsidiary Mitsui E&P USA LLC ("MEPUSA") it acquired 32.5% of Anadarko Petroleum's interest in the Marcellus Shale gas project in Pennsylvania (thereby acquiring 15.5% interest in the entire project lease and approximately 100000acres of land).[9]
