This announcement is for our U.S.$5,000,000,000 Euro Medium Term Note Programme.
June 19, 2019
For Immediate Release
To Whom It May Concern
Mitsui & Co., Ltd.
Final Investment Decision for the Mozambique LNG Project
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%|
For inquiries on this matter, please contact:
Mitsui & Co., Ltd.
IR Div. TEL: +81-3-3285-7910
Corporate Communications Div. TEL: +81-3-3285-7540
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 diagrams omitted, please see our web site https://www.mitsui.com/jp/en/release/2019/1228889_11219.html