Mitsui & Co. has announced plans to invest in the Block B Project in Vietnam in a bid to bolster its natural gas business.  

The Japanese trading giant, through its subsidiary Mitsui Oil Exploration Company (MOECO), has reached the final investment decision (FID) and signed related contracts for this integrated development project.  

The initiative is in collaboration with several partners, including the Vietnam Oil and Gas Group, PetroVietnam Exploration Production Corporation, PetroVietnam Gas Joint Stock Corporation, and PTT Exploration and Production Public Company from Thailand. 

The Block B Project includes an upstream offshore gas field, Block B Gas Field, and a connecting pipeline to a gas-fired power plant complex.  

MOECO has been involved in the project since the exploration phase and anticipates it to generate stable, long-term earnings from it.   

With a production capacity estimated at 490 million cubic feet per day, operations are scheduled to commence by the end of 2026. 

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The project’s scope extends beyond the upstream gas field, as it also encompasses midstream development for gas transportation.  

According to GlobalData, the Block B conventional gas project is expected to reach peak production in 2046, with operations projected to last until the field’s economic limit in 2054.  

MOECO’s share of the development cost, primarily for offshore installations and pipeline construction, is estimated at around Y110bn ($740m). 

In line with its Medium-term Management Plan 2026, Mitsui has identified the Global Energy Transition as a Key Strategic Initiative.  

The Japanese company said: “Mitsui considers that natural gas and LNG will play an important role during this transition and sees them as what we call real solutions. The Block B Project will contribute to the sustainable transition to a decarbonised society through the development of gas fuel supply for power generation.”