Mitsui & Co. (Mitsui) is pleased to announce the commencement of oil production from the Greater Enfield Project, a collection of fields located in the Carnarvon Basin approximately 50 kilometres off the coast of Exmouth, Western Australia.
Mitsui owns a 40 percent working interest in the project through its fully-owned subsidiary Mitsui E&P Australia Pty. Ltd. (MEPAU). Woodside Energy Limited (Woodside), as Operator, controls the remaining 60 percent working interest. The commencement of production marks an important milestone in the project's history, further underscoring the level and depth of commitment that the partners have toward making it a commercial success.
Production from the field is via the Ngujima-Yin Floating Production Storage and Offloading facility which has been used for the Vincent Oil Field. Taking advantage of existing infrastructure has greatly reduced capital requirement, improving the cost competitiveness of the project. Mitsui is looking for opportunities to potentially expand this production and will continue to carry out exploration and evaluation of undeveloped reservoirs both inside and outside the project permit area.
Oil produced from the Greater Enfield will be marketed jointly by Mitsui & Co. Energy Trading Singapore Pte Ltd., Mitsui's 100 percent subsidiary, and Woodside. Demand for low-sulphur crude oil produced through the project is expected to rise as tightening environmental regulations on marine fuels motivate the shipping industry to lower the sulphur content in fuels.
Mitsui continues to regard the resource and energy as its core business area and will pursue to enhance its competitive portfolio in the energy upstream business. Mitsui aims for a stable crude oil production from Greater Enfield, thereby contributing to a stable energy supply to the global market including Japan.
Mitsui & Co. (8031: JP) is one of the largest and most prominent global trading and investment companies. Founded in Japan in 1947, the Group maintains a unique, unobstructed view of international markets through its worldwide network spanning across 66 countries, with a diversified business portfolio stretching across six key sectors. The depth and breadth of its experience, as well as the strength of this global network, allow Mitsui & Co. to anticipate challenges that arise with each changing era and convert these challenges into value creation for its partners, stakeholders, and shareholders.
Working in partnership with many of the world's most prominent private companies, Mitsui & Co.'s outstanding long-term performance is founded on its core business areas of Energy and Resources, Machinery & Infrastructure, and Chemicals. These strong and expanding legacy businesses provide a stable platform across bold and increasingly innovative areas of Mobility, Healthcare, Nutrition & Agriculture, and Retail & Services.
Mitsui & Co.'s success is also founded on its adaptable approach to partnerships, which offers it unparalleled insights into the world's broad economic drivers. These insights enable Mitsui leaders to identify trends and opportunities for growth while driving effective collaboration across its businesses to harness synergies and realize additional value.
