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MIMI (Mitsubishi and Mitsui) acquires 14.7% equity in Browse LNG for US$2 billion

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01 May 2012

MIMI (Mitsubishi and Mitsui) acquires 14.7% equity in Browse LNG for US$2 billion

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
    • Cost escalation
    • Delay to first gas
    • Partner mis-alignment
    • Reserve upside
    • Woodside Petroleum
    • MIMI (Mitsubishi and Mitsui)
    • 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:

  • Document

    MIMI (Mitsubishi and Mitsui) acquires 14.7% equity in Browse LNG for US$2 billion

    PDF 522.92 KB

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