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Mitsui Energy Segment Mitsui Energy Segment December 2015 Mitsui & Co., Ltd. Energy Business UnitⅠ & Energy Business Unit Ⅱ Agenda 1. Mitsui’s Energy Segment 2. Mitsui Energy Segment Overview 3. Strategy in Each Business Field 4. Project Description 2 Energy Segment in Mitsui General Meeting of Shareholders Corporate Board of Corporate Auditors Auditors Board of Directors President & CEO Corporate Management Administrative Committee Divisions (3 Regional Major Business Areas (6) Business Units) Innovation & Americas Machinery & Metals Chemicals Energy Lifestyle Corporate EMEA Infrastructure Development Asia Pacific Headquarter Business Units (13) + Regional Business Units (3) Information & Iron & Steel Infrastructure Basic Food Energy I Communication Americas Products Projects Chemicals Resources Technology Integrated Mineral & Metal Performance Food Products Corporate Transportation Energy II EMEA Resources Chemicals & Services Development Systems Consumer Asia Pacific Service Mitsui’s Energy Segment ※Consolidated Net Income attributable to Mitsui & Co., Ltd. ※At each Fiscal Year Ending (March 31st) Consolidated FYE 3/13: US-GAAP EBITDA FYE 3/14 – 3/16: IFRS Net Income FYE 3/14 – 3/16: IFRS 400 306.5 350 1,000.0 307.9 350.1 819.6 788.3 300 800.0 240.0 660.0 250 Others 600.0 200 Others 150 400.0 100 188.4 164.8 200.0 416.1 439.8 50 Energy 119.7 49 Energy 0 0.0 FYE 3/13 FYE 3/14 FYE 3/15 FYE 3/16 (Billion yen) 13/3期 14/3期 15/3期 16/3期 (Billion yen) FYE14/3 3/14期 FYE15/3 3/15期 FYE16/3 3/16期 (Forecast as 2Q) (Planned) ※At each Fiscal Year Ending (March 31st) ※At each Fiscal Year Ending (March 31st) Gross Asset FYE 3/12 – 3/13: US-GAAP Investment FYE 3/12 – 3/14: US-GAAP FYE 3/14 – 3/17: IFRS FYE 3/15 – 3/17: IFRS 1600 1,500* 1400 1200 1010 1000 960 800 650 715 Others 600 Others 400 660 200 335 340 Energy Energy 200 195 0 (Trillion yen) FYE 3/12 FYE 3/13 FYE 3/14 FYE 3/15 FYE 3/17 (Billion yen) FYE12/3 3/12期 FYE13/3 3/13期 FYE14/3 3/14期 FYE15/3 3/15期 FYE17/3 3/15期-3/17 (Planned) (Planned) 4 *including investment in existing and new project Agenda 1. Mitsui’s Energy Segment 2. Mitsui Energy Segment Overview 3. Strategy in Each Business Field 4. Project Description 5 Business Fields and Activities Business Fields Activities Major Subsidiaries and Affiliates Oil & Gas Oil & Natural Gas Exploration, MOECO Mitsui E&P Australia (MEPAU) Upstream (E&P) Development, Production Mitsui E&P Middle East (MEPME) Mitsui E&P USA (MEPUSA) Coal Trading & Thermal Coal Marketing Mitsui E&P Texas (MEPTX) l Mitsui E&P UK (MEPUK) Marketing and Trading Mitsui E&P Italy (MEPIT) Import & Export Crude Oil/ Mitsui Energy Trading Singapore (METS) Oil Trading & Petroleum Products, Intermediate ENEOS Globe Marketing Trading, Domestic Petroleum Products /LPG Distribution Nuclear Fuel Nuclear Fuel Business Energy Division Energy Gas Trading & Trading and Marketing of MMGS Marketing Pipeline Gas in US ll Invest & Develop LNG Project, Mitsui & Co. LNG Investment USA (MITUSA) LNG Trading, Mitsui & Co. LNG Investment (MITLI) LNG Mitsui Gas Development Qatar (MGDQ) Commercialization of New Natural Mitsui Sakhalin Holdings (MSH) Gas Resources Japan Australia LNG (MIMI) Mitsui E&P Mozambique Area I (MEPMOZ) Environmental & Next-generation Energy, Next-generation Bio Fuel, etc. Energy Division Energy Energy 6 Organization of Energy Business UnitⅠ&Ⅱ Energy Business Unit l Business Supporting Units Planning & Administrative Div. (Energy) Energy Business Unit ll Financial Management & Advisory Div. Ⅰ Strategic Planning Dept./Business Promotion Dept. Human Resources & General Affairs Dept. E&P Div. Natural Gas Div. I Americas, LNG Liquefaction/Marketing Oil/Gas E&P Commercialization of Natural Gas Resources Shale Gas Div. Natural Gas Div. II Shale Oil/Shale Gas-related Business Europe, Middle East, Africa Petroleum Business Div. Natural Gas Div. III Importing & Exporting Crude Oil/ Asia, Australia, Gas Downstream Business Petroleum Products, Intermediate Trading, Domestic Petroleum Products / LPG Distribution Natural Gas Div. IV Far East, Russia, Utility Fuels Div. Environmental Energy & New Energy Business Fuel Oil/Thermal Coal Trading & Marketing Mozambique Projects Div. Nuclear Fuel Business Mozambique Domestic Offices/Energy Dept. (Hokkaido, Tohoku, Hokuriku, Chubu, Kansai, Shikoku, Chugoku, Kyushu) 7 Agenda 1. Mitsui’s Energy Segment 2. Mitsui Energy Segment Overview 3. Strategy in Each Business Field 4. Project Description 8 Business Environment - Outlook for primary energy demand World Primary Energy Demand Outlook World Primary Energy Demand Outlook by Source (Mtoe = Million tons oil equivalent) (Mtoe) 20,000 5,000 17.9bn Oil 18,000 4,500 5% Other RE 16,000 10% 4,000 Biomass 13.6bn 3% Coal 1% Hydro 14,000 7% 3,500 10% Nuclear Natural Gas 12,000 2% 3,000 5% 25% 10,000 Coal 2,500 29% 8,000 2,000 Natural Fossil Fuel Biomass 75% 24% 6,000 Fossil Fuel Gas 1,500 21% 81% Nuclear 4,000 1,000 Oil Renewable 2,000 31% 26% 500 Hydro 0 0 1990 2013 2020 2025 2030 2035 2040 1990 2013 2020 2030 2040 Source: IEA World Energy Outlook2015 (New Policies Scenario) Source: IEA World Energy Outlook2015 (New Policies Scenario) World primary energy demand continues to grow with economic expansion and population increase in developing countries (e.g., China, India). Fossil fuel loses 6% share in primary energy demand by 2040 (Oil ▲5%, Coal▲4%, Gas +3%), however still remains to be a major source of primary energy accounting for 75%. 9 LNG Demand Forecast 120 142 ~ 140 Japan/Korea/Taiwan 18 51～ 80 13 19 Taiwan China 113 13 51 62 35 65 88 India/ 5 ~82 41 39 Europe Bangladesh/ 8 11 South East Asia Japan Korea 35 → 113 +78 Pakistan Asia North & Central 178 → 287～336 +109～158 America 4 18 Middle Global Demand East 0 11 2013 2030 Africa 17 13 457 238 ～506 South America (Million tons) LNG demand in Japan and Far East, which have been a driver of LNG market, is expected to decrease gradually for the following factors; restart of nuclear power, energy efficiency improvement, introduction of renewable energy, etc. World’s LNG demand will continue to increase to be driven by the demand increase in China, India, Middle East, South East Asia with the robust growth of economy and population. Source: A Mitsui presumption based on consultancy group’s information 10 Our Vision Vision ① Contribute to profit & cash flow through sustainable cash generation capabilities ② Constitute a well-balanced upstream & LNG asset portfolio with adequate size and cost-competitiveness ③ Integrate our advanced functions from upstream to downstream ④ Horizontal and vertical expansion of value chain as a business platform connecting other business fields Initiatives toward achieving our vision Upstream Continuous replacement of reserves and assets Generation of Optimization & betterment of portfolio Cash and Profit Enhancement of proactive effort by taking advantage of knowledge and experience Midstream Development of new models for commercialization of natural gas Commercialization / Value Addition Maximization of value of upstream assets in the US and Conversion /Development of value chain businesses in the Americas Downstream Further Growth of Sales Capability Enhancement of sales capabilities and demand creation and Outlet Generation Next Preparations of Non‐fossil Promotion of non-fossil fuel businesses Fuel business 11 E&P Strategy①－Diversify Portfolios and Create Higher Value- Grow into an established global E&P player. Mitsui’s reserves & production volume is at the top of the Japanese trading houses and second among all Japanese companies following INPEX Establish a well-balanced portfolio in terms of the developing areas, products, and development phases Betterment of portfolio and enhancement of value creation capabilities through proactive involvement in developingNorway PL475/PL475D our businesses As of Dec, 2015 22/19e, 22/19c Britannia Alba Eagle Ford shale Tempa Rossa Marcellus Shale Thai/L11/43 Thai/L10/43 Brazil BAR-M215/217/252/254 Oman Block 3, 4, 9, 27 /NOGJV Tuna Myanmar/M3, AD-9, AD- West Papua 1&3 11, MD-5 Gulf of Thailand Merangin 1 WA-96P/397P/425P/447P/449P/495P ATP/564/602/688/769 AC-P41/P57/P58/P59 Thai/Block 10. 11. 12. 13. 10A.11A.G4/48 Mozambique Area1 Enfield/Vincent Meridian CBM Laverda Thai/Block G4/43 Thai/Block B8/32&9A WA-271P/461P/463P/428P/430P Cambodia Block A PEP55768 Thai/G8/50, Block G7/50 Kupe ■ Natural gas Vietnam/Block B&48/95 Casino/Henry/Netherby ◆ Oil & Condensate VIC/P44/RL11/RL12 Vietnam/Block52/97 ▲ Exploration *Only main exploration wells PEP50119/54863 Thai/Block B12/27 Thai/Block 14A, 15A, 16A 12 E&P Strategy ② －Promote a well balanced portfolio in developing areas, products, and development phases－ Mitsui’s E&P Portfolio Strategy ① Exploration & Development Phases ② Production Phase Asia Oceania FYE 3/15 Production volume Thialand: Block L10/43, G7/50, G8/50 (Mitsui’s net, without gas for LNG) Viet Nam: Blocks B&48/95, 52/97 Australia: Laverda and 29 other permits Cambodia: Block A Meridian CBM By Region By Production Indonesia: Merangin Ⅰ, Tuna, New Zealand: PEP50119, PEP54863 West Papua 1/3 Myanmar: M3, AD-9, AD-11, MD-5 Europe 3% Oceania Middle East Europe/America Middle 10% Oil & Africa USA: Marcellus Shale East Asia Eagle Ford Shale 11% Condensate Mozambique: Area1 Italy: Tempa Rossa 38% 37% Oman: Block 3, 4, 9, 27 Norway: PL475/475D North Natural gas UK: 22/19e, 22/19c America 63% Brazil: BAR-M215/217/252/254 38% Blue=exploration phase, Black＝Development phase Exploration drilling performance 2010 2011 2012 2013 2014 Number of drilling wells 22 29 35 23 18 POS (%) 55 59 43 78 67 Pure finding cost ($/BOE) 0.25 1.66 0.33 0.49 ー* 13 *Under evaluation as of March 2015 LNG Business Strategy ①－Establish a Diverse Portfolio－ Increase the portfolio value by diversifying supply areas & enhancing cost-competitiveness Since participating in the Abu Dhabi LNG project in the 1970s, Mitsui has entered into the whole spectrum of the LNG value chain production, transportation, and marketing.
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