In 2010, Mitsui realized the rapidly growing shale boom fueled by innovative hydraulic fracturing techniques was ushering in a new era of opportunity in the US onshore energy business. Mitsui sought out strategic partnerships with both Anadarko and Chesapeake to firmly establish Mitsui's E&P presence in North America.
Subsequently, through its new connections and partners, Mitsui entered another shale venture in South Texas, targeting the Eagle Ford formation in 2011. In 2016 Mitsui acquired a 20% interest in the Kaikias project, a subsea tie-back to Shell’s operated Ursa platform, located offshore south of Venice, Louisiana with first oil production in 2018. In 2023, Mitsui decided to sell its minority working interest to Shell but retains exploration rights in offshore blocks in Argentina that we anticipate will provide future value and opportunities for the company.
Mitsui places a lot of value and relies on strong partnerships in all our endeavors. We seek out business partners who are compatible with our core values to build a strong foundation that ultimately leads to other future opportunities. We are excited about the future and the challenges ahead and we are always looking for strong, focused, disciplined people looking to make a difference in the world and optimistic about helping us write the rest of our history with us.