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JOGMEC Provides Loan Guarantee forITOCHU’s Western Isles Development Project in UK North Sea
JOGMEC Provides Loan Guarantee for
ITOCHU’s Western Isles Development Project in UK North Sea
PDF version of this page (104 KB)December 17, 2012
JOGMEC (President: Hirobumi Kawano) announced today that it will provide loan guarantee to support CIECO Exploration and Production (UK) Limited ("CIECO"), a subsidiary of ITOCHU Corporation, for the Western Isles Development Project in UK North Sea.
The Western Isles Development Project, operated by Dana Petroleum Plc (77%) and CIECO (23%), will develop two oil fields called Harris and Barra discovered in the Block 210/24a, Northern North Sea.
The UK Government has sanctioned the project and first oil is expected in 2015.
JOGMEC’s guarantee will cover a part of the loan amount to be secured by CIECO, subject to the terms and conditions to be provided in the relevant agreements.
While CIECO owns a number of working interests in North Sea blocks, including producing Hudson field, the Western Isles Development Project is expected to boost its upstream activities, as well as to accelerate the diversification of crude oil sources and, consequently, to reinforce Japan’s energy security.
Background Information
1. Corporate Data of CIECO Exploration and Production (UK) Limited
| DateofEstablishment: | 1July,1992 |
|---|---|
| HeadOffice: | London,U.K. |
| President&CEO: | Mr.ShojiHirokawa |
| Shareholder: | ITOCHUCorporation(100%) |
2. JOGMEC Assistance
| Date of Approval | 1 November, 2012 |
|---|---|
| Note | Approval has been made in accordance with JOGMEC’s technical, economic, and business-environment criteria and the consent from the Minister of Economy, Trade and Industry has been obtained. |
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