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JOGMEC provides equity financing to Mitsubishi’s Shale Gas Development Project in Canada.
JOGMEC provides equity financing
to Mitsubishi’s Shale Gas Development Project in Canada.
PDF version of this page (125 KB)May 9, 2011
Japan Oil, Gas and Metals National Corporation ("JOGMEC", President: Hirobumi Kawano) decided to provide equity capital finance to a subsidiary of Mitsubishi Corporation ("MC", President: Ken Kobayashi) for a shale gas development project in the Cordova Embayment of northeastern British Columbia, Canada.
In September 2010, MC's Canadian subsidiary, Cordova Gas Resources Ltd.("CGR"), acquired a 50% interest in the project operated by Penn West Exploration, consisting of shale gas acreage, conventional natural gas assets and related natural gas facilities.
JOGMEC will indirectly hold a 7.5% stake in CGR through Shale Gas Investment B.V., an investment vehicle established by MC and JOGMEC, which remains the largest shareholder in CGR.
With enormous gas resources potential, this first JOGMEC-assisted unconventional gas development is expected to accelerate the diversification of gas sources and, consequently, to reinforce Japan's energy security.
Supplemental Remarks (Project profile)
(1)Corporate Data
(2)Blocks (see attached map)
Cordova Embayment, British Columbia, Canada.
| Company Name | Shale Gas Investment B.V. |
|---|---|
| Date of Establishment | August, 2010 |
| Head Office | Amsterdam |
| President & Secretary | Mr. Tetsuro Kuwabara |
| Shareholder | Mitsubishi Corporation and JOGMEC |
(2)Blocks (see attached map)
Cordova Embayment, British Columbia, Canada.
(3)Participating Interest
| Permit Holder | ParticipatingInterest |
|---|---|
| Penn West Exploration | 50%(Operator) |
| Cordova Gas Resources Ltd. | 50% |
(4)Adoption as an eligible project for providing equity financing
(based upon JOGMEC's own calculation）
(5)Reason for adoption
The project fulfils JOGMEC's technical, economic, political and business related criteria.
| Adoption Date | April 2011 |
|---|---|
| Estimated equity capital provided by JOGMEC | 12 billion JPY |
(5)Reason for adoption
The project fulfils JOGMEC's technical, economic, political and business related criteria.
Attachment
Location of Project
The inquiry about this page.
Project DepartmentMatsumoto or Inui
Tel +81-3-6758-8218
Public Relation DivisionUematsu
Tel +81-3-6758-8106
