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Final Investment Decision for the Mozambique LNG Project

Jun. 19, 2019


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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga), together with its business partners (see "Participating Interest Holders of Area 1 Block" below), has made a final investment decision on an LNG project relating to Rovuma Offshore Area 1 Block ("Area 1") in the Republic of Mozambique. Mitsui holds a 20% interest in Area 1 through Mitsui E&P Mozambique Area 1 Limited ("MEPMOZ", Mitsui: 50%), which is jointly owned by Mitsui and the Japan Oil, Gas and Metals National Corporation ("JOGMEC").

In 2008, MEPMOZ acquired an interest in Area 1, which is located offshore to the north of Mozambique, and through subsequent exploration and assessment activities, discovered one of the world's biggest natural gas fields. In addition to the abundance of the reserves, another advantage of Area 1 is its geographical location in terms of access to LNG markets, including the Far East, Asia, Europe, and Latin America. The aim of this project is to contribute to the stable supply of LNG to meet global demand that is expected to continue growing.

With the development target of the Golfinho/Atum gas field, this project is an integrated upstream-midstream project that encompasses all stages from natural gas production and liquefaction to LNG shipment. The plan is to produce 12 million tons of LNG per year, starting in 2024. We plan to raise finance for the project from overseas public financial institutions and Japanese financial institutions.

Mitsui's business activities in the LNG industry began with participation in an LNG project in Abu Dhabi in the 1970s. Since then we have participated in LNG projects in various parts of the world, including Australia, Qatar, Oman, Russia, Indonesia, Equatorial Guinea, and the United States. Our involvement in these projects has spanned entire value chains, from LNG production and transportation to marketing. By using our accumulated knowledge of the LNG business and based on our relationships with gas-producing countries and business partners, we will continue contributing to the provision of resources to ensure stable supplies of energy to Japan and other countries through further expansion of the LNG business.

Participating Interest Holders of Area 1 Block

Anadarko Moçambique Área 1 Limitada (operator) 26.5%
Mitsui E&P Mozambique Area 1 Limited 20%
ENH Rovuma Área Um, S.A. 15%
ONGC Videsh Limited 10%
Beas Rovuma Energy Mozambique Limited 10%
BPRL Ventures Mozambique B.V. 10%
PTTEP Mozambique Area 1 Limited 8.5%

Location of Area 1 Block

Location of Area 1 Block

Artist's rendering

Artist's rendering

Information

For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Investor Relations Division
Telephone: +81-3-3285-7910
Facsimile: +81-3-3285-9821
Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-3-3285-7540
Facsimile: +81-3-3285-9819