MOECO Participates in Joint Geothermal Energy Development Study at Hokkaido and Akita in Japan

December 28, 2012 Project

Mitsui Oil Exploration Co., Ltd. (MOECO) is pleased to announce that it will participate in a joint geothermal energy development study at the Amemasudake area (Akaigawa and Sapporo, Hokkaido Prefecture) and the Oyasu area (Yuzawa, Akita Prefecture) in cooperation with Idemitsu Kosan Co., Ltd. (Idemitsu) and INPEX CORPORATION (INPEX).

Idemitsu and INPEX commenced the study in June 2011 and have already conducted geological, gravity and electro-magnetic surveys. As a participant, MOECO will jointly conduct further survey and evaluation for geothermal development with Idemitsu and INPEX.

MOECO has been engaged in the oil and gas exploration, development and production business since its foundation in 1969. This is MOECO's first geothermal project and MOECO is confident that the experience and know-how it has gained from its oil and gas projects can be applied to the geothermal business. MOECO will continue to focus on the development of geothermal energy as an important potential source of renewable energy and endeavor to expand the geothermal business both in Japan and overseas with the utmost consideration of the environment and consensus from local communities.