Approved its expanded Outlook for the Scope of the Shale Oil/Gas Development in Texas

Nov. 2, 2012

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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Masami Iijima), approved its expanded outlook for the scope of the development of the Eagle Ford Shale properties in Texas USA ("the Project"), which is owned through Mitsui's 100% subsidiary Mitsui E&P Texas LP ("MEPTX").

Project Life Outlook at the Time of Participation (MEPTX net)

Peak Production approximately 20,000 boed (barrels of oil equivalent per day)
Total Project Costs approximately USD 1.2 billion
Life of Production approximately 30 years

Latest Project Life Outlook (MEPTX net)

Peak Production approximately 24,000 - 30,000 boed
Total Project Costs USD 1.8 Billion plus
Life of Production approximately 30 years

The Project is accelerating the drilling activities over and above our previous outlook, and it is expected that the total number of wells to be drilled will increase over the next decade or so. The Project will also expand the gathering and processing facilities in line with the expansion of the drilling activities. It is expected that the total production and recoverable reserves throughout the project life will increase through the increase of peak production and the extension of the peak production period. Capital will be spent as drilling activities and facility expansion progress.

The Eagle Ford Shale is located in Texas, USA which is one of the major oil & gas consuming area. We expect that the total production volume will increase with the expanded scope of the Project, and the Project will become one of our core businesses, contributing to our cash flow and net income over the long term.

We regard our energy and mineral resources business as a strategically important business and will continue to acquire attractive oil and natural gas assets in order to establish a more robust and well-balanced business portfolio.

Company Profile

Name of Company Mitsui E&P Texas LP
Head Office Houston, Texas, USA
Establishment June 24, 2011
Shareholder Mitsui & Co., Ltd. 100%

as of Nov. 2012

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.


For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-80-5912-0321
Facsimile: +81-3-3285-9819
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