FS for Blue Gas to Power Concept utilizing Oxyfuel power generation

March 24, 2023 Project

Mitsui Oil Exploration Co., Ltd. ("MOECO") is currently conducting a feasibility study ("FS") of its original Blue Gas to Power Concept
(the "Concept") utilizing Oxyfuel power generation for high CO2 gas-field development for efficiency and low-climate impact. On March 6, 2023, the subsidy for strengthen relationship with oil and gas producing countries from the Ministry of Economy, Trade and Industry was awarded for this feasibility study.

The Concept is targeting the realization of oxyfuel power generation for natural gas from high CO2 gas-fields without CO2 separation process, In an Oxyfuel power generation system, the mixture of fuel gas and oxygen separated from the air in advance is used for the combustion process and extracts high-purity CO2 for geological storage, which could make it possible to efficiently develop high CO2 gas-fields into carbon-free electricity without CO2 separation facilities. Assuming the Concept is realized, it could be a new business
model for a next generation of projects employing the efficient development of the many high CO2 gas-fields located in Southeast
Asia into carbon-free electricity without CO2 separation facilities. Since 2021, MOECO has been conducting the validation of the
Concept.

MOECO has positioned Southeast Asia, where it has many years of experience in upstream oil and natural gas operations, as its
focus area. MOECO currently holds interests in a number of blocks in Southeast Asia, and aims to contribute to the supply of clean
energy and the energy transition in the region through the verification of this Concept, which will enable the development of energy
resources in the area as part of a low-carbon society.

Profile of the Blue Gas to Power Concept