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Loan for Acquisition of Interests and Development of Shale Oil/Gas in the U.S.
Supporting Acquisition of Interests and Development of Shale Oil/Gas by Japanese Companies

  • Region: North America
  • Energy and Natural Resources
  • Overseas Investment Loans

April 28, 2014
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today loan agreements with MEPUS Holdings Corporation (MEPUS), a wholly owned U.S. subsidiary of Mitsui & Co., Ltd. (Mitsui), MOEX USA Corporation (MOEX), a wholly owned U.S. subsidiary of Mitsui Oil Exploration Co., Ltd. (MOECO), and MEP Texas Holdings LLC (MEPTXHD), a company invested 60% by MEPUS and 40% by MOEX, totaling up to USD144 million, USD134 million and USD504 million respectively (JBIC portions). 
     
  2. These loans are intended to finance the development of Eagle Ford shale oil/gas area in Texas upon the acquisition of 12.5% interests from SM Energy Company by Mitsui E&P Texas LP, a wholly owned subsidiary of MEPTXHD. For Mitsui and MOECO, this is the second shale oil/gas project in the U.S., following the Marcellus Shale gas project*1 in Pennsylvania, to produce high value-added light oil, in addition to natural gas.
     
  3. Shale oil/gas is natural oil/gas contained in a shale layer, and confirmed to exist across wide areas of the earth such as North America, Europe and Australia. The acquisition of upstream interests and accumulation of development know-how of  shale oil/gas by Japanese companies through this project is expected to contribute to Japan's energy security by increasing future participation opportunities in the development business and further increasing the ratio of independent oil/gas development by Japanese companies.
     
  4. As Japan's policy-based financial institution, JBIC will continue to financially support the acquisition of interests and development of energy resources by Japanese companies, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
Note
  1. *1 JBIC signed a loan agreement totaling up to USD700 million with Mitsui E&P USA LLC on January 24, 2011. For details, see  press release of January 24, 2011.

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