Mitsui Divests Australian Upstream Assets
Mitsui's Australian subsidiary, Wandoo Petroleum Pty Limited, has entered into sales agreements with ARC Energy Limited in which WPP will divest its entire Australian upstream oil & gas portfolio to ARC. WPP is a joint venture company held by Mitsui, Mitsui Oil Exploration Co., and International Petroleum Exploration Co., all of Japan, through an investment company Wandoo Oil Development Co.
This divestment is in line with Mitsui's corporate strategy to review its business portfolio to create shareholder value, and was approved by all of WODCO's shareholders. The sale proceeds attributable to Mitsui will be redirected to other investment opportunities as part of a continuous and efficient recycling of company resources. Mitsui's proceeds from this deal will be determined and informed at a later stage.
Mitsui continues to view Oceania as one of its core oil and gas exploration and production business regions. Through its wholly owned subsidiary, Mitsui E&P Australia Pty Ltd., Mitsui's current equity production rate from the Enfield oil field and the Casino gas field is around 25,000 to 30,000 barrels of oil equivalent per day. Mitsui also has interests in the Tui oil project, the Vincent oil project, and the Kupe gas project, all set to commence production in the near future. Mitsui will continue to select and invest in attractive opportunities and continue expanding its portfolio in the Oceana region.
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