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Loan for Acquisition of Interests and Development of Oil Field in Italy
Supporting Japanese Companies for Acquisition of Interests and Development of Oil Field

  • Region: Europe
  • Energy and Natural Resources
  • Overseas Investment Loans
NR/2013-110
November 19, 2013
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a loan agreement totaling up to 830 million U.S. dollars (JBIC portion) with Mitsui E&P Italia A S.r.l. (MEPIT) in Italy, in which MITSUI & CO., LTD. (Mitsui) and Mitsui Oil Exploration Co., Ltd. (MOECO) have a 60 percent and 40 percent indirect equity stake respectively. The loan is co-financed with The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) and Mizuho Bank, Ltd. (MHBK) which brings the overall cofinancing amount to 1,230 million U.S. dollars. 
     
  2. The loan is intended to finance MEPIT for the partial acquisition of the interests in the Tempa Rossa Oil Field owned by a subsidiary of French entity Total S.A. (Total) and for development of the oil field. The Tempa Rossa Oil Field, located in hilly areas near the City of Potenza in the southern Italian state of Basilicata, is the largest onshore oil field in Western Europe. MEPIT will jointly develop the oil field with Total (operator) and Great Britain entity Royal Dutch Shell plc (Shell). The oil reservoir of Tempa Rossa Oil Field is one of the thickest reservoirs in the world, which reaches approximately 2,000 meters. Recoverable reserves are estimated to be equivalent of 440 million barrels of crude oil. This oil field is expected to produce oil over a long period of more than 50 years. 
     
  3. By collaborating with such international major oil companies as Total and Shell, Mitsui and MOECO are expected to acquire knowhow on oil field development and strengthen the cooperative relationships with them in other oil field development projects. Supporting the acquisition of interests and development of oil fields by Mitsui and MOECO with this loan will contribute to increase the independent oil development ratio by Japanese companies. Thereby it is expected to contribute to Japan's energy security. 
     
  4. As a public financial institution, JBIC will continue to support the development and acquisition of interests in natural resources that are strategically important for Japan, by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.
     

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