Questions around this news
What is the current status of the planned sale of the Oman oil and gas interests?
The sale has not yet been completed. Mitsui now expects that the required conditions will not be met within the fiscal year ending March 2026. It says it will continue discussions with the relevant parties and aims to complete the transaction as early as possible.
Why is the Oman asset sale taking longer than expected?
The release attributes the delay to the time needed to obtain approvals from the relevant authorities. Those approvals are among the conditions that must be satisfied before the sale can be completed. Mitsui says discussions with the relevant parties will continue to address the conditions.
Which assets and buyer are involved in the proposed transaction?
The proposed sale covers Mitsui’s onshore oil and gas interests in Block 3&4 and Block 9 in Oman. The interests are held through Mitsui E&P Middle East B.V., a wholly owned subsidiary, and the intended buyer is Kistos Energy Middle East Limited.
April 4, 2026 -- Mitsui & Co., Ltd. (“Mitsui,” head office: Tokyo, President and CEO: Kenichi Hori) announced on January 28, 2026, that it had decided to divest all of its onshore oil and gas interests owned in Block 3&4 and Block 9 in the Sultanate of Oman through Mitsui E&P Middle East B.V. (“MEPME”), a wholly owned subsidiary of Mitsui, to Kistos Energy Middle East Limited, and that the sale was expected to be completed within the fiscal year ending March 2026, subject to the satisfaction of certain conditions precedent, such as obtaining the necessary approval by relevant authorities.
However, due to the time required to obtain the necessary approvals from the relevant authorities, Mitsui now expects that the conditions precedent will not be satisfied within the fiscal year ending March 2026. Mitsui will continue discussions with the relevant parties to fulfill the conditions precedent and aims to complete the sale as early as possible. The financial impact of this matter will be finalized after a detailed review of the amount and timing of its recording.
Related release: Sale of Interests in Onshore Oil and Gas Assets in the Sultanate of Oman (Jan. 28, 2026)
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Terms explained
- Conditions precedent
- Requirements that must be fulfilled before a contract or transaction becomes effective or can be completed.
- Divest
- To sell, transfer, or otherwise dispose of an ownership interest or asset.
- Onshore oil and gas
- Oil and gas exploration or production activities conducted on land, rather than offshore at sea.
- Financial impact
- The effect a transaction or event has on an organization’s financial results or position, such as recorded gains, losses, or costs.
