Deal Insight
MIMI (Mitsubishi and Mitsui) acquires 14.7% equity in Browse LNG for US$2 billion
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Report summary
Woodside Petroleum has accepted a US$2 billion offer from MIMI, the Mitsubishi Corporation and Mitsui & Co Joint Venture, for a 14.7% interest in the Browse LNG project. MIMI will also buy 1.5 million tonnes of Browse LNG from Woodside. The deal is subject to pre-emption and due to close in Q3 2012.Our base case valuation of the deal is US$782 million. The analysis is based on a 12 mmtpa greenfield LNG project at James Price Point, with FID in mid-2013 and first LNG in mid-2018. ...
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
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Upsides and risks
- Cost escalation
- Delay to first gas
- Partner mis-alignment
- Reserve upside
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Strategic rationale
- Woodside Petroleum
- MIMI (Mitsubishi and Mitsui)
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Project Specific Pricing Assumptions
- LNG
- JCC
- Condensate
- Oil & gas pricing and assumptions
Tables and charts
This report includes 7 images and tables including:
- Executive summary: Table 1
- Transaction details: Table 1
- Browse Fields location
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
