Today (July, 24th) Mitsui & Co., Ltd. ("Mitsui") announces that the Enfield Oil Project, in which Mitsui's wholly owned subsidiary, Mitsui E&P Australia Pty Ltd ("MEPAU") owns a 40% interest, has successfully commenced production. The project's design production capacity is approximately 100,000 barrels per day (MEPAU's share: 40,000 barrels per day). Outlined below is the summary of the project;

In March 2004, MEPAU acquired its 40% interest in each of production license WA-28-L and exploration permit WA-271-P, which together contained three discovered but undeveloped oil fields: Enfield, Vincent and Laverda. Enfield was first discovered in 1999 and the Final Investment Decision was subsequently made in March 2004. The oil field was developed jointly with operator Woodside Energy Ltd., the largest oil and gas exploration and production company in Australia with a vast experience as an operator, and the commencement of production was successfully achieved on announced schedule.

As released by Mitsui on March 27, 2006, the Final Investment Decision of Vincent oil project has also been made on such date, and it is currently under development with production scheduled to commence in 2008.

Mitsui has placed the Oceania region as one of its core areas of the Exploration and Production business, due to the region's political stability and competitive location making it a stable source of energy supply for Japan, and aims to pursue continuous development and production of natural resources in the future.

Map of Permit Blocks

This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
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