Mitsui Oil Exploration Mitsui Oil Exploration It was one of 17 Mitsui companies that were spun off on July 19, 1969. Its core areas are Thailand, where it drills principally in the Gulf of Thailand in conjunction with Chevron, and Vietnam and Cambodia. In the United States Mitsui's subsidiary is MOEX USA Corp and is headquartered in 9 Greenway Plaza in Houston. In September 2007 it established subsidiary MOEX Offshore 2007 LLC which entered into a partnership with BP for drilling in the Gulf of Mexico. On April 20, 2010, its rig the Deepwater Horizon exploded and sank, causing a massive oil spill.
Economic effects of the Deepwater Horizon oil spill approximately $23 billion, in a region that supports over 400,000 travel industry jobs generating $34 billion in revenue annually. On 1 November, BP announced plans to spend $78 million to help Louisiana tourism and test and advertise seafood. The real estate prices and a number of transactions in the Gulf of Mexico area decreased significantly during the period of the oil spill. As a result, area officials wanted the state legislature to allow property tax to be paid based on current market value, which according to Florida State Rep. Dave Murzin could mean millions of dollars in losses for each