Mitsubishi Corp. and French energy explorer Perenco SA have discovered reserves of crude oil in an offshore field in Gabon, western Africa, Mitsubishi said Monday.
The 14 million barrels of recoverable reserves were found in the Loche East Marine field in the Ebene area after a second round of test drillings conducted in November, the trading house said.
Perenco and MPDC Gabon Co., Mitsubishi's unit, each hold a 50 percent exploration stake in the prospect.
Mitsubishi produces 90,000 barrels a day of crude oil and natural gas from overseas fields and plans to double output in five years. Perenco said it began operations in Gabon in 1992 with the acquisition of two oil fields and now produces 50,000 barrels a day.
Initial output at the Loche East field has begun using a test-drill well and will double to 2,000 barrels a day in "several" years, Mitsubishi said. It expects the two partners to spend about ¥10 billion to boost the output.
MPDC Gabon owns stakes in four oil fields in Gabon, with daily output totaling 7,000 barrels, Mitsubishi said.