Mitsui : Acquisition of unconventional gas asset in Texas, U.S.A.

Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) through its U.S. based subsidiary Mitsui E&P USA LLC ("MEPUSA") has completed the acquisition of an unconventional gas asset in Texas, U.S.A. from U.S. Oil & Gas E&P companies, Sabana, LLC and Vanna, LLC.

This asset (named Tatonka, approx. 46,500 acre) is in Texas with access to the Gulf Coast industrial area, which includes liquefied natural gas (LNG) export terminals and ammonia plants. MEPUSA will drill wells to evaluate the well performance and develop and operate the asset aiming for full-scale development after 2026, while maintaining a focus on the safety of employees, the community, and the environment.

In the U.S., where demand for natural gas is expected to increase due to the start-up of new LNG projects and growth in demand for electricity, Mitsui is also promoting liquefaction and export of U.S. natural gas to global markets, and methanol production businesses using natural gas as feedstock. In addition to proactively pursuing upstream development projects, we will strengthen the natural gas value chain, including adjacent businesses, and work toward achieving further low-carbon solutions and decarbonization through the use of CCS (Carbon Capture and Storage) and other measures.

Mitsui has defined the "Global Energy Transition" as one of the strategies in its Medium-term Management Plan 2026, and with natural gas and LNG playing an important role as "real solutions" for energy transition, Mitsui will continue to contribute to the stable supply of energy, the enrichment of people's lives and the sustainable development of society by further promoting its global natural gas and LNG businesses.

Unconventional gas asset in Texas, U.S.A.