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Browse LNG Project in Australia Commences Front-End Engineering and Design

Jul. 1, 2015


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The Browse Joint Venture ("Browse JV"), in which Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku, Tokyo, President and CEO: Tatsuo Yasunaga) and Mitsubishi Corporation ("MC", Head Office: Chiyoda-ku, Tokyo, President and CEO: Ken Kobayashi) participate through Japan Australia LNG (MIMI Browse) Pty Ltd. ("MIMI Browse", equally owned by Mitsui and MC), has decided to commence front-end engineering and design (FEED) for the Browse LNG Project in Australia, having completed its preliminary front-end engineering and design (Pre-FEED). The target for a final investment decision is set for the second half of 2016. Browse JV has also agreed to integrate the East Browse and West Browse joint ventures, and as a result, the working interests held by MIMI Browse in the integrated venture will be 14.40%.

Browse JV aims to commercialize natural gas and condensate resources from the Browse gas and condensate fields located off the coast of Western Australia. Browse JV intends to develop the Browse LNG Project by utilizing Shell's floating LNG technology and Woodside's offshore development expertise.

Mitsui and MC, through MIMI Browse, will continue to carry out the necessary studies in an effort to realize the earliest commercialization of the Browse LNG Project.

Project Summary

Contingent Resources Gas: 15.4 trillion cubic feet
Condensate: 453 million barrels
LNG Production About 12 MTPA (about 4 MTPA x 3 FLNG units)

* About 1.7 MTPA of LNG will be sold by MIMI Browse
(MTPA: million tons per annum)

Browse JV Shareholder Breakdown

MIMI Browse 14.40%
Woodside Browse Pty Ltd 30.60%
Shell Development (Australia) Proprietary Limited 27.00%
BP Developments Australia Pty. Ltd. 17.33%
PetroChina International Investment (Australia) Pty Ltd 10.67%

Image of FLNG

Image of FLNG Image courtesy of Shell

Notice:
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.

Information

For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Corporate Communications Division
Yusuke Yamauchi
Telephone: +81-3-3285-7540
Facsimile: +81-3-3285-9819
Mitsubishi Corporation
Telephone: +81-3-3210-2171
Facsimile: +81-3-5252-7705