Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and Chief Executive Officer: Kenichi Hori) and Japan Oil, Gas and Metals National Corporation ("JOGMEC", Head Office: Tokyo, Chairman & CEO: Tetsuhiro Hosono) have agreed to conduct a joint feasibility study on Carbon Capture and Storage ("CCS") in Western Australia associated with Mitsui's Perth Basin investments.
Mitsui has also agreed with Wesfarmers Chemicals, Energy & Fertilisers Limited (WesCEF) to jointly study the commercial and technical viability of building a low carbon ammonia production plant, which will include Carbon Capture and Storage (CCS) solutions to be provided by Mitsui in Western Australia. WesCEF is a division of Wesfarmers Limited, one of Australia's largest publicly-listed companies, and operates chemicals, energy and fertiliser businesses that service a range of sectors in both domestic and international markets.
Mitsui is developing the Waitsia gas field in the Mid West region of Western Australia as the Operator, with a 50 per cent working interest through its wholly-owned subsidiary Mitsui E&P Australia Pty Ltd ("MEPAU").
MEPAU also holds a 100 per cent working interest in nearby depleted gas fields in Perth Basin. MEPAU as a subsidiary of Mitsui & Co. has the credibility, capabilities and global network to develop natural gas assets and produce low carbon ammonia for the benefit of markets in both Australia and Asia, including Japan.
Specifically, MEPAU will investigate the production and export of low carbon ammonia made from hydrogen generated from Mid West natural gas, with potential for the associated CO2 to be stored in depleted gas fields in Perth Basin. The joint study with JOGMEC and WesCEF will research the potential for carbon storage in depleted gas fields, and also consider alternate sites in Western Australia.
MEPAU recognises WesCEF's strong capability as an ammonia manufacturer and is proud to announce WesCEF as a preferred partner to progress the low carbon ammonia business. MEPAU is pleased to have executed a Memorandum of Understanding with WesCEF to leverage the respective strengths and expertise of each business. Together MEPAU and WesCEF will collaborate with a view to creating a supply chain of low carbon ammonia which has the potential to deliver significant benefit to the Australian economy through investment and jobs growth.
Mitsui will utilize its extensive knowledge of the upstream natural gas industry and strong global networks, as well as the knowledge gained through its investment in Storegga Geotechnologies Limited (UK) to develop future CCS interests.
JOGMEC will further promote international cooperation in the fields of CCS, clean hydrogen and ammonia, and contribute to the realization of a carbon-neutral society through the stable supply of natural resources and energy, including the implementation of this joint study.
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Secure sustainable supply of essential products” and “Create an eco-friendly society”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity