Japan Petroleum Exploration Co., Ltd - Formulation of the 'JAPEX Management Plan 2022-2030'
March 28, 2022 at 07:52 am EDT
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Japan Petroleum Exploration Co., Ltd. (JAPEX) announced that it has formulated the 'JAPEX Management Plan 2022-2030' (the 'Plan'), a medium- to long-term growth strategy for JAPEX that extends through 2030.
Based on our Long-term Vision 2030 and Medium-term Business Plan 2018-2022 formulated in May 2018, we have been working to expand our business domain by promoting oil and natural gas E&P (*1) in and outside Japan, as well as launching commercial operation of the Fukushima Natural Gas Power Plant (*2), focusing on development of renewable energy, and participating in several feasibility studies for CCS/CCUS (*3) in and outside Japan. In addition, we have been working to optimize our business portfolio and improve our financial soundness through measures including terminating overseas projects that are difficult to promptly improve profitability.
Meanwhile, in light of further acceleration of global decarbonization, we lowered in March 2021 our medium- to long-term assumption of crude oil price (JCC (*4)) to US$50 per barrel, and in May 2021, we compiled 'JAPEX2050: Toward a Carbon-Neutral Society,' which sets forth our direction toward 2050.
The Plan is a new management plan to respond quickly and flexibly to changes in the business environment, covering the nine years from FY2022 to FY2030. The basic policy of the Plan is to improve profitability and to build a business foundation for 2030 and beyond. The Plan outlines management goals including interim targets as of FY2026, basic policies for fund allocation and shareholder returns and, to achieve the targets, priority items in each business field comprising E&P, Infrastructure/Utility (I/U), and Carbon Neutral (CN). In order to promote steady progress of the Plan, we will also work to develop and utilize human resources, enhance organizational capabilities, and improve the efficiency and sophistication of operations by digital transformation (DX) and other measures.
Japan Petroleum Exploration Co., Ltd. is a company principally involved in crude oil and natural gas related business. The Company operates in four geological segments. The Japan segment involves in the exploration, development, production, purchase, sale, transportation of crude oil and natural gas, the production, purchase, sale, transportation of petroleum products, as well as contracting work of mining wells. The North America segment involves in exploration, development, production, purchase and sale of crude oil, natural gas, as well as bitumen which is super heavy oil collected from the oil sand layer in North America. The Europe segment involves in the exploration of crude oil and natural gas in Europe. The Middle East segment involves in the exploration, development and production of crude oil and natural gas in Middle East.
JAPAN PETROLEUM EXPLORATION CO., LTD. 
