Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 December 10, 2015 - 10:59 PM EST
Print Email Article Font Down Font Up Charts

North West Shelf Project: Final Investment Decision Reached on Greater Western Flank Phase 2 Project

TOKYO, Dec 11, 2015 - (JCN Newswire) - Mitsubishi Corporation ("Mitsubishi", Head Office: Tokyo; President and CEO: Ken Kobayashi) and Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo; President and CEO: Tatsuo Yasunaga) are pleased to announce that the North West Shelf Project (NWS Project), in which Japan Australia LNG (MIMI) Pty. Ltd. ("MIMI", a Mitsubishi and Mitsui fifty-fifty joint venture) has a capital participation, has made a final investment decision on the Greater Western Flank Phase 2 (GWF-2) gas fields development project off the north-west coast of Australia.

The GWF-2 Project will involve the drilling of eight natural gas production wells in the six gas fields within the development area. The plan calls for connecting these wells to the existing Goodwyn A platform via a 35-kilometer subsea pipeline. The natural gas produced by the project will be transported to the Karratha Gas Plant, where it will be converted into liquefied natural gas (LNG) for shipment and sale to customers or will be provided as domestic gas.

Total investment for the project is expected to be approximately US$2.0 billion (Operator's estimate; 100% cost), with MIMI's equity share amounting to approximately US$330 million. Recoverable reserves are estimated at 1.6 trillion cubic feet (Tcf) of natural gas and 43 million barrels of condensate. Production is scheduled to begin in the second half of 2019.

Over 25 years have passed since the NWS Project began to produce LNG in 1989. The development of previously discovered but undeveloped gas fields, such as the GWF-2 Project, will make a major contribution to enhancing the value of the NWS Project.

Mitsubishi and Mitsui will continue to work through MIMI to ensure the safe and reliable operation of the NWS Project, while also contributing to the stable supply of energy through the diversification of energy supply sources and the reinforcement of both companies' LNG marketing capabilities.

About Mitsubishi Corporation

Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.

Source: Mitsubishi Corporation

Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171 
Facsimile: +81 3 5252 7705




Copyright 2015 ACN Newswire . All rights reserved.


Source: ACN Newswire (December 10, 2015 - 10:59 PM EST)

News by QuoteMedia
www.quotemedia.com