Petroleum Africa
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Wednesday, October 9, 2013
Chiyoda Corp. has acquired 2,475 shares (25%) of MPDC Gabon Co. Ltd. from Mitsubishi Corp. giving it an indirect interest in two blocks offshore Gabon. MPDC holds a 50% participating interest in both the Baudoroie Merou Block and the Loche East Block.
The Baudoroie Merou has been operated stably and continuously since its first production in 1980 and it is expected that the revenue from this block will contribute to the stability of Chiyoda’s income. It is also planned to increase production in the Loche East by drilling a new production well in or after 2014.
Through its investment in MPDC, Chiyoda expects to acquire knowledge of the needs for offshore and upstream industries. In addition, by integrating Chiyoda’s engineering capability with the specialized knowledge and expertise of Xodus Group, with which the company formed a strategic capital alliance in July 2013, Chiyoda will expand its business fields and will provide integrated services covering study, conceptual definition, Pre-FEED, FEED, construction, and installation to enhance the value for customers in energy development projects.
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