Signing MOU on Comprehensive Strategic Partnership with Woodside Petroleum Ltd. in Australia
Supporting the Creation of Business Opportunities for Japanese Companies to Participate in Energy Projects by Establishing Relationships with Australia's Largest Independent Oil and Gas Company

• Region: Oceania
• Energy and Natural Resources
• Others

1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed on October 26 a memorandum of understanding (MOU) on a comprehensive strategic partnership with Woodside Petroleum Ltd. (Woodside), Australia's largest independent oil and gas company. The MOU is aimed at establishing a strategic relationship between the two institutions in the context of creating business opportunities for Japanese companies to participate in energy projects and a long-term and stable supply of energy resources to Japan.
    
2. Woodside is Australia's largest independent oil and gas company  and has long contributed to LNG supply to Japan as an operator of LNG projects in Western Australia.The Woodside operated Pluto LNG Project^*1, which began LNG production in April this year, is contracted to supply up to 3.75mtpa of LNG to Japan.  Also, the company operates the proposed Browse and Sunrise LNG projects where Japanese companies are currently joint venture partners. Woodside is therefore a strategically important partner for Japan's energy resource strategy.
    
3. By entering this MOU, JBIC and Woodside are to hold periodic consultations regarding the natural gas development projects undertaken by Woodside, and JBIC will consider financial assistance for these projects jointly undertaken by Japanese companies and Woodside. The close exchange of information and views between JBIC and Woodside is expected to create opportunities for Japanese companies to participate in energy projects and to contribute to ensuring a stable LNG supply to Japan.
    
4. JBIC will continue to establish strategic partnerships with important foreign companies in development and the procurement of natural gas and other important natural resources, while pursuing the creation of business opportunities for Japanese companies to participate in these areas and participating in project formation from its early stage, thereby contributing to securing a stable supply of energy resources to Japan.
    

Note

1. *1 JBIC supports the Pluto LNG Project in Australia. See Press Release on June 25, 2008.