JAPAN - INPEX CORPORATION ('INPEX') announced today it has joined the Muara Laboh Geothermal Power Project (the Project) through INPEX GEOTHERMAL, LTD.

The Project is based in the Muara Laboh Geothermal Block in the Solok Selatan region in Indonesia's West Sumatra province, and is operated jointly by major European integrated energy company ENGIE, Sumitomo Corporation and PT Supreme Energy, a private Indonesian geothermal power generation business developer.

INPEX has joined the Project by acquiring 33.333 percent of the shares of PT Supreme Energy Sumatera through INPEX GEOTHERMAL, LTD. PT Supreme Energy Sumatera is a subsidiary of PT Supreme Energy and holds a 30 percent share of the Project.

The Muara Laboh Geothermal Power Plant is currently in commercial operation with a rated output of approximately 85 megawatts and produces a volume of electricity equivalent to what is consumed annually by approximately 420,000 households in Sumatra, Indonesia. Electricity generated by the plant using geothermal resources is planned to be marketed to Indonesian national power company PT PLN (Persero) over a 30-year period from the start of commercial operations in December 2019. INPEX seeks to enhance and emphasize renewable energy initiatives, which is one of the business pillars outlined in the company's 'Business Development Strategy - Towards a Net Zero Carbon Society by 2050' announced in January 2021. INPEX will accelerate its initiatives aimed at its geothermal power generation business, which can utilize the technologies cultivated by the company through oil and natural gas development. INPEX will proactively engage in energy structure reforms towards the realization of a net zero carbon society while fulfilling its responsibilities for the stable development and supply of energy.

The impact on INPEX's consolidated financial results for the current fiscal year is expected to be minimal.

About INPEX

INPEX CORPORATION is Japan's largest exploration and production (E&P) company, and is currently involved in projects across multiple continents, including the Ichthys LNG Project in Australia as Operator. Through building a cleaner upstream business and advancing hydrogen and renewables solutions, INPEX aims to become a leading energy company and continue providing a stable and efficient supply of energy to its customers while pioneering energy transformation towards a net zero carbon society by 2050.

Contact:

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