London, UK | – Japanese giant Mitsubishi Corporation has agreed with Anadarko Petroleum Corp. to buy a 20% stake in an Anadarko-led oil exploration project off the shore of Ivory Coast, a Mitsubishi spokesman said Friday.
The transaction will take place once it gains approval from the Ivory Coast government.
If enough oil is found and the project moves to the development phase, the total investment would be about Y800 billion ($7.5 billion), of which Mitsubishi would pay 20%, the spokesman said.
Anadarko, the operator, aims to start production in 2019, and output is expected to reach about 60,000 barrels a day at its peak, a report by the Nikkei newspaper said.
The Japanese government announced in 2012 it would deepen ties with African nations to enhance and diversify its energy supplies. Japan is heavily reliant on oil supplies from the Middle East.