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Business Divisions |
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Developing Australia and New Zealand`s energy resources
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Mitsui is broadly involved in the Australian and New Zealand oil and gas industry through investment in the upstream sector as well as through trading of crude oil, gas and refined petroleum products. Mitsui’s main investments in the Australian and New Zealand energy sector are the North West Shelf Project (WA), Wandoo (WA), Enfield Area (WA), Cliff Head (WA) and Tui Area (NZ) Crude Oil Projects and Bass Gas (Tas), Casino (Vic) and Kupe South (NZ) Gas Projects.
Mitsui & Co., Ltd. (Tokyo) is a participant in the North West Shelf project through a 50% share in Japan Australia LNG (MIMI) Pty. Ltd. Formed in 1984, MIMI is one of seven shareholders in the NWS LNG Project which has been supplying natural gas to the West Australian domestic market since 1984 and LNG to Japan since August 1989. Today the North West Shelf project is Australia’s largest resource project, exporting about 12 million tonnes per annum of LNG mainly to Japan and to Korea. In addition to LNG the project supplies large volumes of LPG, condensate and crude oil to various customers around the world, with Mitsui taking an active role in the marketing of these products. MIMI, together with other shareholders in the NWS LNG Project have agreed in 2005 to expand the project by constructing a fifth LNG train to bring the total production to approximately 17 million tonnes per annum. This fifth train is expected to start production by around mid 2008.
In 1995, a Mitsui led group formed a joint venture company named Wandoo Petroleum Pty. Ltd. (WPP) to purchase interest in the Wandoo crude oil field in Northern WA. WPP acquired a 40% interest of the Wandoo project, which was in an Extended Production System stage, designed to test the field. The field has since been developed to a Full Field Development Production stage with Australia’s first Concrete Gravity Structure (CGS) platform being installed at the beginning of 1997. In addition to Wandoo, WPP is also a participant in both Cliff Head (WA) and Bass Gas (Tas) Projects.
Mitsui has actively marketed the crude oil produced from the Wandoo field since it began producing in late 1993. At its peak the field was producing more than 40,000 barrels of oil per day with Mitsui involved in trading a major portion to customers in Japan.
Mitsui’s E&P activity in New Zealand is actively pursued by Mitsui E&P New Zealand Ltd. (MEPNZ), which is a fully owned subsidiary of Mitsui & Co., Ltd. (Tokyo). Since 2003, when the company was first established, MEPNZ has acquired assets in Tui oil field and Kupe South gas field in the Taranaki Basin, off New Zealand’s North Island. Mitsui is also playing a significant role in the Tui asset, having been selected as the Marketing Agent for 100% of the Tui crude production.
In 2004, Mitsui & Co., Ltd. (Tokyo) set up a wholly-owned E&P subsidiary called Mitsui E&P Australia Pty. Ltd. (MEPAU). Based in Perth, MEPAU has already made its first investment with a 40% stake in the Enfield oil field operated by Woodside. This is a significant investment for Mitsui and confirms its commitment as an active player in the Australian energy sector. MEPAU provides management services to the other Mitsui affiliates, WPP and MEPNZ. For more information, please refer to the MEPAU page (link at the top of this page).
Together with the affiliate companies, Mitsui’s Energy group is committed to expanding its activities in the Australian and New Zealand oil and gas sector both through participation in projects, and trading of crude oil, gas, refined petroleum products and renewable fuels. The company is actively studying trading and investment opportunities which meet our development strategies and where Mitsui is able to value add to the business.
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