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Main Contents
Mitsubishi & Co., Ltd. ("Mitsubishi," head office: Tokyo, President and CEO: Kenichi Hori) has decided to divest all of its onshore oil and gas interests owned in Block 3&4 and Block 9 in the Sultanate of Oman through Mitsubishi E&P Middle East B.V. ("MEPME"), a wholly owned subsidiary of Mitsubishi, to Kistos Energy Middle East Limited, and has entered into a sale and purchase agreement.
MEPME was established in 2002 when Mitsubishi first participated in onshore concessions in Oman. Through acquiring three concession areas (Block 3&4, Block 9 and Block 27), MEPME has expanded its E&P business in the Middle East. Mitsubishi has decided to divest the said assets as part of its portfolio reconfiguration. Mitsubishi will continue to develop its upstream energy business as one of its core business domains while reinforcing its earning base and contributing to the stable supply of energy, improved quality of life, and sustainable development of society.
1. Overview of Mitsubishi's subsidiary
| (1) Name | Mitsubishi E&P Middle East B.V. (MEPME) |
|---|---|
| (2) Location | Amsterdam, Netherlands |
| (3) Title and name of representative | Akinobu Nakamura, Managing Director and CEO |
| (4) Description of business | Exploration, development and production of oil and gas in the Middle East |
| (5) Capital | 20,000 USD (approx. 3 million JPY*) |
* Converted at a rate of USD/JPY 157
2. Overview of the assets to be sold
| Asset | Block 3&4 | Block 9 |
|---|---|---|
| Participants | CC Energy Development S.A.L.: 50% Tethys Oil Block 3&4 Limited: 30% MEPME: 20% |
Occidental of Oman Inc: 50% OQ Exploration & Production LLC: 45% MEPME: 5% |
| Operator | CC Energy Development | Occidental of Oman Inc |
| Location | Onshore eastern Oman | Onshore western Oman |
3. Overview of the buyer
| (1) Name | Kistos Energy Middle East Limited | |
|---|---|---|
| (2) Location | London, UK | |
| (3) Title and name of representative | Andrew Austin, Director | |
| (4) Description of business | Oil and gas development and production | |
| (5) Capital | 100 GBP (approx. 20,000 JPY*) | |
| (6) Established | December 5, 2025 | |
| (7) Large shareholder | Kistos plc: 100% (Capital: 8.286 million GBP, approx. 1.773 billion JPY*) |
|
| (8) Relationship with Mitsubishi | Capital relationship | None |
| Personnel relationship | None | |
| Business relationship | None | |
* Converted at a rate of GBP/JPY 214
4. Overview of the sale and purchase agreement
| (1) Seller | Mitsubishi E&P Middle East B.V. |
|---|---|
| (2) Buyer | Kistos Energy Middle East Limited |
| (3) Sale price | 148 million USD (approx. 23.2 billion JPY*) |
| (4) Signing date | December 8, 2025 |
* Converted at a rate of USD 1 = JPY 157
5. Outlook
The completion of the sale is expected within the fiscal year ending March 2026, subject to the satisfaction of conditions precedent, such as obtaining the necessary approval by relevant authorities. Mitsubishi expects to record a profit related to the sale of the assets in the fourth quarter of fiscal year ending March 2026, which has been reflected in Mitsubishi's forecast announced on November 5, 2025.
