Chiyoda Corporation (Chiyoda) (Head Office: Yokohama, President & CEP: Shogo Shibuya) announced Friday that it has acquired 2,475 shares (equivalent to 25 percent of issued shares) of MPDC Gabon Co. Ltd. (hereafter MPDC) from Mitsubishi Corporation.
MPDC holds participating interests in two offshore blocks in Republic of Gabon, including a 50 percent interest in Baudoroie Merou block and a 50 percent interest in Loche East block. Baudoroie Merou block 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 other block, Loche East, by drilling a new production well in or after 2014.
Chiyoda announced in its medium-term management plan in May 2013 that it would prioritize "the expansion of its business fields to offshore and upstream projects" and "acceleration of investment" as its growth strategies. The investment in MPDC will promote these growth strategies.
Through investment in MPDC, Chiyoda expects to acquire knowedge 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 (Holding) Ltd., with which we formed a strategic capital alliance in July, 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 related projects.
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