Diapositiva 1

1
UPSTREAM GLOBAL CAPABILITIES
Strictly Private Confidential
Energy Business Department Energy Mineral
Resources Division
2
On 1 April 2004, Nissho Iwai Corporation and
Nichimen Corporation have merged as Sojitz
Corporation. Its the merger of the "Pioneer
Spirit" of Nichimen and "The Spirit of Enterprise
and Entrepreneurship of Nissho Iwai. Our new
company name "Sojitz" envisions - a strong
partnership, - dynamic energy, and - a
source of great power. With this in mind, we
will endeavor to grow in conjunction with our
customers and society, and to realize a bright
and prosperous future.
The birth of Sojitz Corporation
Nissho Iwai Corporation
Nichimen Corporation
2
Corporation
Strictly Private Confidential
3
Sojitzis a major Japanese trading house with
integrated and diverse activities covering
numerous categories of goods and services.
Sojitz is one of the leading SOGO-SHOSHA
established in 1928. Origin dating back to 1862.

Investor
Sojitz as a Trading House
Financier
Business Developer
Project Organizer
Off-taker
Feedstock Supplier
Sales Representation
Wholesaler Distributor
3
Strictly Private Confidential
4
Sojitz Worldwide Operations
Sojitz Corporation
Sojitz Corporation Assets US 22.9
billion (consolidated) Turnover US 43.7
billion (consolidated) Staff 16,586
(consolidated) Offices 8 Domestic, 64
Overseas Subsidiaries and affiliates
201(Japan), 420 (Overseas) 1 Fiscal Year
ended March 31, 2005
The Americas operation Staff 774
Offices 8 Domestic, 8 Overseas
Subsidiaries and Affiliates 43
4
Strictly Private Confidential
5

• The division is aggressively pressing ahead with
  the promotion of investments in the petroleum and
  natural gas resources equities such as the recent
  acquisition of interest in the Indonesian Tangguh
  LNG project. We are also promoting energy-based
  plant businesses such as FPSO facilities and
  energy plants, import/export sales operations in
  the fields of petroleum, natural gas and nuclear
  energy with the joint involvement of our
  affiliates at home and abroad, and domestic and
  overseas power generation businesses. Further,
  the division is also engaged in establishing new
  businesses with environment and energy as the
  theme.

Energy Mineral Resources Division
5
Strictly Private Confidential
6
Energy Mineral Resources Division
6
Strictly Private Confidential
7
Energy Business Department
7
Strictly Private Confidential
8
Objetive
Acquisition of PDP/PUD asset to secure
quick cash flow To secure equity oil to
optimize trading activity To supply
production facilities (FPSO, DTU, Pipeline etc.)
Objetive
Our Strategy for EP Business
Keyword

• PDP/PUD Asset
• Producing company
• Asset swap
• My Oil
• East-West oil swap
• Processing of equity oil

8
Strictly Private Confidential
9
Petroleum Products Trading
Proven Oil Gas Assets (Undeveloped)
Development Production
Processing
Transportation
Acquisition of Oil Gas Assets
Acquisition of proven Oil Gas assets (Producing
and/ or undeveloped)

• Equity participation
• in Oil Gas developments
• Financing Investment in
• Oil Gas production facilities
• Marketing trading of own
• Equity Oil Gas

A very unique business model for the Oil Gas
industry
Sojitzs Roles in the Energy Value Chain
Multiple financing menus
Trade/Structured finance dsf s Bridge
long term financing Reserve Lending
Financing of Oil Gas Projects
Pipeline sales Pipeline investment Crude oil /
LNG tanker building
Trading Development petroleum product in
Asia SOPEC product trading in South-East
Asia JECT import of Russian products / carbon
material Tokyo Yuso fuel oil blending-storage Soj
itz Energy retail industrial energy sales in
Japan
FPSO Investment Chartering
FPSO
Sales of Topside facilities and equipment
Sales trading of Equity Oil
Downstream
Processing
Trading
Cargo swap / price hedging
9
Strictly Private Confidential
10
Frade Oil Field Page 15
Oil Gas Upstream Presence Page 11
US Gulf of Mexico Page 12
Albacora Oil Field Page 16
Gryphon Oil Field Page 13
Etame Marine Block Page 17
Introduction of our Business
Alkarkara Oil Field Page 14
Lufeng 13-1 Oil Field Page 18
Alberta Oil Sand Project Page 18
FPSO Worldwide Operations Page 19
Project Finance Transactions Page 20
10
Strictly Private Confidential
11
Oil Gas Upstream Presence
Strictly Private Confidential
12
Location USA-Gulf of Mexico Total 31
Blocks West Cameron 101/237/284/432 East
Cameron 240 Garden Banks 142/186/187 Eugene
Island 030/071 South Timbalier 264 Matagorda
Island 704/409 Ship Shoal 278/358 South Marsh
Island 189/190 High Island A153/154 Main Pass
99/107/178/206/207 Mississippi Canyon
486 Vermilion 70/86 Major Partners ATP and
Magnum Hunter Working Interest of Sojitz
Energy Venture varies from 12.5 to 100 Total
Net Reserve 50 bcfe Current Net Production 24
mmcfed
USA- Gulf of Mexico Natural Gas Oil Fields
12
Strictly Private Confidential
13
Gryphon Oil Field Acquisition
Location UK Continental Shelf (central North
Sea) Working Interest Sojitz 13.5 Kerr McGee
(operator) 86.5
Production from the field has commenced from
1993, using FPSO vessel Gryphon A and current
production is 20,000 B/D. The Maclure and
Tullich fields were tied back to the Gryphon
field in 2002.
UKCS, Gryphon Oil Field
13
Strictly Private Confidential
14
Al Karkara Oil Field Development Project
Location Arabian Gulf Working Interest Qatar
Petroleum Co. (Japan) 100 (Operator) Sojitz
14.2 Cosmo Oil 85.8
EWT (Extended Well Test) was


carried out from September 1998
through March 1999. Production rate was 7,500
b/d. API 39 Approval for full field
development

was made 3Q03 and full
production will come on stream 4Q05 (peak
production 11,000 b/d)
Qatar, Al Karkara oil field
14
Strictly Private Confidential
15
Frade Oil Field Development Project
Location Campos Basin, Offshore Brazil
(deepwater) Working Interest Sojitz/Inpex
15.0 Chevron-Texaco 42.5 (Operator) Petrobras
42.5 Sojitz and Inpex corporation, one of
largest EP companies in Japan, have a 15 of
participation interest through Frade Japao
Petroleo Limitada (FJPL), Brazilian entity.
(Sojitz net 1.875) Frade joint ventures
drilled two appraisal wells in 2001 and confirmed
oil accumulations as expected (280mil bbls).
Development concept study is underway. 1st oil
is expected in 2007.
Brazil, Frade Oil Field
15
Strictly Private Confidential
16
Albacora Oil Field Development Project
Location Campos Basin, Offshore Brazil
(deepwater) Working Interest Petrobras
100 Sojitz and Inpex financed the projects 2nd
phase development stage
Brazil, Albacora Oil Field
Sojitz and Inpex financed US173 million to the
development for Albacora oil field in 2000,
through Albacora Japao Petroleo Limitada (AJPL),
Brazilian entity. AJPL has the right to receive
the some parts of produced oil in Albacora field
until 2009. Current production is approx.
140,000 B/D.
16
Strictly Private Confidential
17
Etame Marine Block Development Project
Location Etame Marin Block, Offshore Gabon
(shallow water) Working
Interest Sojitz 3.225 Vaalco Gabon Etame Inc.
(VGEI) 30.35 Sasol Petroleum 30.00 PanAfrican
Energy 33.90 PetroEnergy 2.525 Energy Africa
Gabon Government Carried
Sojitz owns 3.032 of VGEIs share indirectly.
Gabon, Etame Marin Block Oil Field
First oil in 3Q02. The produced crude oil is
being stored in the FPSO. Cumulative production
volume are 13MMbbls. One new development well
(ET-5H) drilled in 2Q04 was quite successful and
this has increased production in excess of 20,000
B/D.
17
Strictly Private Confidential
18
Lufeng 13-1 Oil Field Project
Location Offshore Nanhai, Block 16/06 China
Working Interest Japex New Nanhai 30 Sojitz
2 New Huanan Oil 30 NMC Pearl River Mouth Oil
15 CNPC 25 Field came on stream in 1993.
Current daily production is 17,000 b/d.
China, Lufeng 13-1 Oil Field Canada, Alberta Oil
Sand Field
Alberta Oil Sand Project
Location Canada, Alberta (joint development
areas) Working Interest Japan Canada Oil
Sands12-75 Sojitz 0.5 Petro-Canada
25-75 Nexen 25 Imperial Oil 25-63
Pilot test production using SAGD technology.
Daily production is 3,200B/D. Accumulated
production volume reaches almost 1.5 million
barrels.
18
Strictly Private Confidential
19
Floating Production Storage Facilities (FPSO)
Operations
Current Activity
Target Area
FPSO Worldwide Operations
19
Strictly Private Confidential
20
Project Finance Structures
Hydrocarbon / Chemical Projects
Current Activity in oil gas
Target Area
Project Finance Structures
20
Strictly Private Confidential