Japan-based trading house Mitsubishi will buy a 20 percent stake in an Ivory Coast offshore oilfield from Texas-based Anadarko Petroleum for an undisclosed sum.
Mitsubishi will buy a stake in the deepwater oilfield block CI-103, located about 31 miles off the coast of Cote d’Ivoire in west Africa.
UK-based Tullow Oil is the operator of the block and holds a 30 percent stake. Anadarko holds a 55 percent stake and Ivory Coast’s state owned Petroci holds a 15 percent stake.
Production at the block is expected to begin in 2019.
An exploration well drilled in 2012 confirmed oil and gas deposits.
Appraisal well drilling and evaluation work is currently underway.
CI-103 has estimated oil and gas reserves of 300 million barrels.
Mitsubishi said peak production could reach 60,000 barrels per day.
Mitsubishi will have an equity share of 13,000 barrels per day.
The block will be the company’s largest African concession and is the first stake in an African oilfield held by a Japanese company.
Anadarko and its partners could make a final investment decision on the project at the end of 2015, a Mitsubishi spokesman said.