Japan’s Chiyoda Corporation acquires 25 per cent stake in MPDC Gabon

offshoreThe stake in MPDC would allow Chiyoda Corporation to gain better knowledge about upstream industries and offshore exploration projects in the West African country. (Image source: Steven Straiton/Flickr)Chiyoda Corporation has announced that it has bought a 25 per cent stake in MPDC Gabon Limited (MPDC) from Mistubishi Corporation

According to a statement by the Japanese oil and gas engineering firm, the stake in MPDC would allow Chiyoda Corporation to gain better knowledge about upstream industries and offshore exploration projects in the West African country.

Mitsubishi Corporation had acquired MPDC in 2001 and now owns the remaining 75 per cent stake in the company after the sale.

MPDC holds a 50 per cent operating interest in the Baudoroie Merou and Loche East offshore oil and gas blocks in Gabon. Production at the Baudoroie Merou Block began in 1980. The company produces around 4,000 bpd, reaching a cumulative volume of 146mn barrels at the end of 2012.

Chiyoda Corporation said that revenue from this block would add substantially to its overall income in the near-term.

Production in the Loche East block would also increase in 2014 after a new well is spud, the company noted.

Earlier this year, Chiyoda Corporation had said that it planned to expand its scope to provide integrated services to energy development projects. This included study, conceptual definition, front-end engineering design, construction and installation.

“The investment in MPDC will promote these growth strategies,” Chiyoda Corporation added.

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