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FID for Mitsui and Beach Energy’s Waitsia Stage 2 Development Project

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LNG Industry,

Mitsui & Co. Ltd, together with its partner Beach Energy Ltd, has made a final investment decision (FID), subject to necessary government approvals, as the operator of a gas development project relating to the Waitsia gas field in the state of Western Australia, called the Waitsia Gas Project Stage 2 Development. Mitsui holds a 50% interest in the Waitsia through AWE Pty Ltd.

In 2018, Mitsui acquired AWE which has an interest in Waitsia, located onshore approximately 350 km north of Perth, Western Australia. The acquisition was primarily to expand Mitsui’s competitive oil and gas portfolio in Australia and to gain operatorship capabilities.

The Waitsia discovery is one of the largest onshore natural gas fields in Australia. In addition to the increase of reserves confirmed after Mitsui’s acquisition of AWE, securing access to LNG markets, through the LNG facilities owned by the North West Shelf Joint Venture (NWS JV) in which Mitsui participates, enabled the Stage 2 development to progress.

The aim of the Stage 2 Development is to contribute to the stable supply of LNG to meet increasing global demand as well as to continue supplying domestic gas for use by Western Australian manufacturers and consumers. It will also contribute to a low-carbon society by promoting fuel conversion to gas in the medium term.

Through the Stage 2 Development, gas production capacity of 250 TJ/d will be added to the current Stage 1 capacity of 20 TJ/d. The Stage 2 Development involves the drilling of additional wells and the construction of a new gas plant with a gross capital expenditure of A$768 million (JPY 59.3 billion), of which A$384 million (JPY 29.7 billion) net to Mitsui. The commencement of production from the Stage 2 Development is planned for 2H23.

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