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Tuesday, September 16, 2014
Mitsubishi Corp. will acquire a 20% stake in Cote d’Ivoire’s Block CI-103 from US independent Anadarko Petroleum. The block is currently under appraisal. The transfer of the interests will be finalized once the government of Côte d’Ivoire issues the required approvals.
Anadarko, Tullow Oil and state-run Petroci 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 under the ownership structure outlined below, while the parties work towards reaching a final investment decision.
The entrance of Mitsubishi marks the first time that a Japanese company is undertaking an oil and gas project in Côte d’Ivoire.
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