Mitsui & Co. Ltd. announced that the Vincent Oil Project, in which Mitsui's wholly owned subsidiary, Mitsui E&P Australia Pty Ltd ("MEPAU") owns a 40% interest, has successfully commenced first oil production on August 27. Initial production rates are expected to ramp up to 50,000 barrels of oil per day (MEPAU's share: 20,000 barrels of oil per day), and naturally decline to about 40,000 barrels of oil per day by year end, after which production from additional wells is expected to supplement the decline in production.
In March 2004, MEPAU acquired its 40% interest in each of production license WA-28-L and exploration permit WA-271-P, which together contained three discovered but undeveloped oil fields: Enfield, Vincent and Laverda. Vincent was first discovered in 1998 and the Final Investment Decision was subsequently made in March 2006. The oil field was developed jointly with operator Woodside Energy Ltd., the largest oil and gas exploration and production company in Australia.
Mitsui has positioned the Oceania region as one of the core areas of its oil and gas up-stream business. The region's political stability and competitive location make it a stable source of energy supply for the Asia Pacific countries, including Japan. Mitsui aims to pursue continuous exploration and production of natural resources in the region, contributing to Oceania's regional economics.
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