Middle East

Japan’s International Oil Development Teishi to spend up to $ 38B in growth areas

February 9, 2022

International Oil Development Teishi Ichthys Explorer CPF Offshore Australia — Image Credits for Illustrations Only: Matthew Wright / MarineTraffic

Inpex, Japan’s largest oil and gas explorer, will invest up to 4.4 trillion yen ($ 38 billion) in growth fields over the next nine years, of which 1 trillion yen will be spent in decarbonization fields such as hydrogen and ammonia on Wednesday. He said he would be spent.

“As a pioneer in energy transformation, we aim to provide a stable supply of diverse and clean energy sources such as oil, natural gas, hydrogen, and renewable energy,” Takayuki Ueda, CEO of Inpex, said in a news briefing.

Under the new long-term management plan, International Oil Development Teishi will continue to invest in liquefied natural gas (LNG) as an important growth fuel while taking measures against planned trim carbon dioxide (CO2) emissions.

According to Ueda, for oil, for long-term demand outlook is opaque, company based in Tokyo, is subjected to selective investment, to ensure the cost recovery of the early production and early.

Around 2030, the purpose of the International Petroleum Development Teishi is to use its carbon capture and utilization and storage (CCU) technology to hydrogen in more than 100,000 ton years and CO2 injection 2.5 million ton years. Boost your commercial production.

In addition, primarily through offshore wind and geothermal power, it is expected to enhance the ability of the renewable energy in up to 2 gigawatts (GW) by 2030.
For 2021, the international oil development Teishi had a large impairment loss in the previous year, when its profit was eroded, the net loss was 111.6 billion yen, while the net profit was 22.3 billion yen, soaring oil and gas prices. Reported a sharp turnaround thanks to the profits.

In addition, profit of 25 billion yen increased by 12%, and we forecast this year.

Ueda, among growing tensions between Russia and Ukraine that the Government of Japan pose a risk of energy supply disruptions, have stated that seeking INPEX in order to support the LNG supply to Europe.

“It won’t be easy as most of that LNG production is linked to long-term contracts, but we’ll try to meet the demand,” he said.

($ 1 = 115.4800 yen)

(Reported by Obayashi Corporation; edited by Jacqueline Wong and Bernadette Baum)

https://www.oedigital.com/news/494175-japan-s-inpex-to-spend-up-to-38b-in-growth-areas-over-9-years Japan’s International Oil Development Teishi to spend up to $ 38B in growth areas

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