After several assignments around the globe, this is my second assignment in the United States. I am honored to have assumed the position of President & CEO of Mitsui E&P USA LLC (MEPUSA), in July of 2013.
It comes at a challenging time for the oil & gas industry. This company, as well as our shareholders, Mitsui & Co., LTD (Mitsui & Co) and Mitsui Oil Exploration Co., (MOECO) are ready for those challenges.
Our company, as a subsidiary of Mitsui & Co., delivers astute business development and asset management in the E&P sector in North America, in view of its global portfolio strategy. Our current main assets are Marcellus in Pennsylvania (approx. 62,000 acres net), and Eagle Ford in Texas (approx. 35,000 acres net) and our development path is still about half way through development.
MEPUSA is a relatively young company, but has successfully built its capabilities to enhance asset value through its development activities. More importantly, we are proud that MEPUSA’s efforts to build trust with stakeholders, to deepen collaboration with partners and to develop individual capabilities have been very successful.
The business activities of our parent and main shareholder, Mitsui & Co., span the globe and are enormously diversified, which include entities in the various fields of energy business. The Mitsui & Co. and its group companies has been building strong business portfolio along the hydrocarbon value chain in USA. Our second shareholder is MOECO and a core subsidiary of Mitsui & Co. It has a long history of technical resources and expertise in the E&P sector, starting with their core assets in Southeast Asia, dating back to the 1960s. These comprehensive global networks will allow us to move forward with confidence in the present global economy and a powerful energy related strategy. This confidence is an extension of the Mission, Vision and Values inherited from Mitsui & Co., which firmly stand on sustainability and trust shared with our stakeholders.
Looking forward, even under the current price environment, we are actively pursuing the next phase of company growth, by way of new asset acquisitions as well as realizing upside potentials in existing assets with our partners. Combining our strong team with the group’s financial strength, global networks across the industries, and holistic synergy value creation capability through the value chain, we will meet the challenges of today and continue to contribute to the shale revolution and the upstream industry and its value chain in North America for generations to come.