Mitsui & Co., Ltd. ("Mitsui") announced today that its subsidiary, Mitsui Oil Exploration Co., Ltd. ("MOECO"), its co-concessionaires and the Thai Ministry of Energy have signed an agreement in Bangkok to extend the production period of four offshore blocks (Block No. 10, 11, 12 and 13) in the Gulf of Thailand for an additional ten years from 2012 to 2022. The co-concessionaires are Chevron Thailand Exploration and Production, Ltd, a subsidiary of Chevron Corporation, and PTT Exploration and Production Public Company Limited.
The offshore blocks 10-13 encompass several major operating areas in the Gulf of Thailand with a daily average production of approximately 1.0 billion cubic feet of gas and 60,000 barrels of oil and condensate as of July 2007. The blocks are divided into three gas contract concession areas of U1, U2 and U3. MOECO currently holds a 20 percent working interest in concessions U1; 30 percent in U2; and 23.75 percent in U3.
Mitsui, through MOECO, is dedicated to working with the Kingdom of Thailand and co-concessionaires to contribute to the stable and reliable supply of energy in the Kingdom.
Concession Area Map
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
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