Oil and Gas Production: 211 Thousand Barrels a DayThin moat

Mitsui & Co. (8031) — moat facet

Mitsui's oil and gas fields produce steadily and have been written down in two countries.

Mitsui's equity share of oil and gas production was 211 thousand barrels of oil equivalent a day in the latest year1. Its fields include the Marcellus and Eagle Ford in the United States, Waitsia, Greater Enfield and Kipper in Australia, and Tempa Rossa in Italy2.

Mitsui Energy Development contribution (¥ bn, years to March)64.6202411.620256.42026Mitsui Integrated Report 2026
A tenth of what it earned two years ago.

This is the part of the energy business most exposed to price and most subject to write-downs. In the year to March 2024 Mitsui impaired Mitsui E&P Italia B by ¥23.6 billion and Mitsui E&P South Texas by ¥12.3 billion3. Mitsui Energy Development, which holds many of the assets, contributed ¥64.6 billion in the year to March 2024 and ¥6.4 billion in 20264.

The company is also selling. It agreed to sell its onshore Oman blocks for $148 million, about ¥23.2 billion5, a transaction that slipped past the year end for approvals6.

The Australian upstream assets are among the larger ones: Mitsui owns 50% of Waitsia, 40% of Greater Enfield and 35% of Kipper7.

The measure is Mitsui Energy Development's contribution. Recovery toward its earlier level would show the portfolio producing again; a further fall would favour more sales.

Moat trajectory: Narrowing

Contribution from the main E&P holding fell from ¥64.6 billion to ¥6.4 billion.

The number that tests this moat
Reported
Equity oil and gas production, latest year
211 thousand barrels of oil equivalent a day

The upstream base; its profit swings with prices and impairments.

Source: Mitsui & Co. Annual Securities Report 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Impairments in Italy and Texas
Mitsui wrote down two oil and gas businesses in one year, and its own price deck is falling.
References
  1. ReportedMitsui's equity share of oil and gas production was 211 thousand barrels of oil equivalent a day in the latest year.
    Mitsui & Co., Annual Securities Report for the year to March 2026 (English) - company history, employees, share price history, total shareholder return, equity production, the revenue of the Singapore trading subsidiary, competition and the Arctic LNG 2 guarantees. — FY to March 2026 · publ. 12 August 2026 · source ↗
  2. ReportedIts fields include the Marcellus and Eagle Ford in the United States, Waitsia, Greater Enfield and Kipper in Australia, and Tempa Rossa in Italy.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedIn the year to March 2024 Mitsui impaired Mitsui E&P Italia B by ¥23.6 billion and Mitsui E&P South Texas by ¥12.3 billion.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2024 - including the impairments in Italian and Texan oil and gas and the Anglo American Sur equity-method loss. — FY to March 2024 · publ. May 2024 · source ↗
  4. ReportedMitsui Energy Development, which holds many of the assets, contributed ¥64.6 billion in the year to March 2024 and ¥6.4 billion in 2026.
    Mitsui & Co. Integrated Report 2026, data section - results by operating segment: gross profit, equity-method profit, dividend income, core operating cash flow and total assets. — FY to March 2022-2026 · publ. 2026 · source ↗
  5. ReportedIt agreed to sell its onshore Oman blocks for $148 million, about ¥23.2 billion, a transaction that slipped past the year end for approvals.
    Mitsui & Co. release - sale of its onshore Oman oil and gas interests (Blocks 3&4 and 9) for $148 million, approximately ¥23.2 billion. — 2026 · publ. 2026 · source ↗
  6. ReportedIt agreed to sell its onshore Oman blocks for $148 million, about ¥23.2 billion, a transaction that slipped past the year end for approvals.
    Mitsui & Co. release - update on the Oman sale: conditions precedent not expected to be satisfied within the year to March 2026. — 2026 · publ. 2026 · source ↗
  7. ReportedThe Australian upstream assets are among the larger ones: Mitsui owns 50% of Waitsia, 40% of Greater Enfield and 35% of Kipper.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026