Mitsubishi joins US$1.4bn LNG project
Mitsubishi Corp is investing about US$270m in a US$1.4bn LNG project in Brunei. It is partnering with Malaysian national oil company Petronas and Brunei's state-owned Brunei Energy Export.
The Japanese trading company said in a statement it has made its final investment decision to develop the natural gas field Block CA2 located offshore Brunei Darussalam. The other two partners are also understood to have done the same.
Mitsubishi said it will participate in the project through wholly-owned subsidiary, Diamond Energy Exploration & Production (DEEP) which holds 18.75% interest in the CA2 project.
The project aims to commence commercial production around 2030, with a planned natural gas production volume of about 390mmscf/d, equivalent to about 2.9mtpa during stable production phase. The produced natural gas will be liquefied at Brunei LNG in which Mitsubishi holds a 25% interest, with the Brunei government holding 50%, and Brunei Shell Petroleum, 25%. The LNG will then be delivered to customers in Japan and other Asian countries.
