Mitsubishi Corporation

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July 1, 2015
Mitsubishi Corporation
Mitsui & Co., Ltd.

Browse LNG Project in Australia Commences Front-End Engineering and Design

The Browse Joint Venture (“Browse JV”), in which Mitsubishi Corporation ("MC", Head Office: Chiyoda-ku, Tokyo, President and CEO: Ken Kobayashi) and Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku, Tokyo, President and CEO: Tatsuo Yasunaga) participate through Japan Australia LNG (MIMI Browse) Pty Ltd. ("MIMI Browse",  equally owned by MC and Mitsui), has decided to commence front-end engineering and design (FEED) for the Browse LNG Project in Australia, having completed its preliminary front-end engineering and design (Pre-FEED). The target for a final investment decision is set for the second half of 2016. Browse JV has also agreed to integrate the East Browse and West Browse joint ventures, and as a result, the working interests held by MIMI Browse in the integrated venture will be 14.40%.
Browse JV aims to commercialize natural gas and condensate resources from the Browse gas and condensate fields located off the coast of Western Australia. Browse JV intends to develop the Browse LNG Project by utilizing Shell’s floating LNG technology and Woodside’s offshore development expertise.
MC and Mitsui, through MIMI Browse, will continue to carry out the necessary studies in an effort to realize the earliest commercialization of the Browse LNG Project.

Project Summary
Contingent Resources (2C)
Gas: 15.4 trillion cubic feet
Condensate: 453 million barrels
LNG Production
About 12 MTPA (about 4 MTPA x 3 FLNG units)
※ About 1.7 MTPA of LNG will be sold by MIMI Browse
(MTPA: million tons per annum)
Browse JV Shareholder Breakdown
MIMI Browse
Woodside Browse Pty Ltd
Shell Development (Australia) Proprietary Limited
BP Developments Australia Pty. Ltd.
PetroChina International Investment (Australia) Pty Ltd
Image of FLNG
Image courtesy of Shell

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