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JOGMEC provides loan guarantee for Mitsubishi's Shale Gas Development Project in Canada
JOGMEC provides loan guarantee for Mitsubishi's Shale Gas Development Project in Canada
PDF version of this page (125 KB)July 4, 2011
Japan Oil, Gas and Metals National Corporation ("JOGMEC", President: Hirobumi Kawano) signed today a loan guarantee agreement to support Cordova Gas Resources Ltd.("CGR"), a Canadian subsidiary of Mitsubishi Corporation ("MC", President & CEO: Ken Kobayashi), in developing shale gas resources in the Cordova Embayment of northeastern British Columbia, Canada.
JOGMEC's guarantee will cover up to CAD$ 750 million financed by The Bank of Tokyo-Mitsubishi UFJ, Ltd., as part of the CAD$ 1 billion loan co-financed with the Japan Bank for International Cooperation.
CGR has acquired a 50% interest in the natural gas project operated by Penn West Exploration, consisting of shale gas acreage, conventional natural gas assets and related natural gas facilities.
JOGMEC earlier announced its indirect 7.5% shareholding in CGR through Shale Gas Investment B.V., an investment vehicle established by MC and holding a 67.5% share in CGR. The other shareholders of CGR include Chubu Electric Power Co., Inc (7.5%), Tokyo Gas Co., Ltd.(7.5%), Osaka Gas Co., Ltd.(7.5%) and Korea Gas Corporation (10%)
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)Location
Cordova Embayment, British Columbia, Canada
| Company Name | Cordova Gas Resources Ltd. |
|---|---|
| Date of Establishment | August, 2010 |
| Head Office | Calgary |
| President & Secretary | Mr. Tetsuro Kuwabara |
(2)Location
Cordova Embayment, British Columbia, Canada
(3)Participating Interest
| Permit Holder | ParticipatingInterest |
|---|---|
| Penn West Exploration (Operator) | 50% |
| Cordova Gas Resources Ltd. | 50% |
(4)Estimated amount of guarantee provided by JOGMEC
CAD$ 750 million
CAD$ 750 million
The inquiry about this page.
Project DepartmentMatsumoto or Inui
Tel +81-3-6758-8218
Public Relation DivisionUematsu
Tel +81-3-6758-8106
