Japan's Largest Oil & Gas Producer Inpex Sets Net Zero Emission Goal

Yuka Obayashi
Wednesday, January 27, 2021

Inpex Corp, Japan's biggest oil and gas producer, said on Wednesday it is targeting net-zero carbon emissions by 2050 through the expansion of renewable and hydrogen energy as well as the use of carbon capture technology.

The move comes after Japanese Prime Minister Yoshihide Suga pledged to make Japan carbon-neutral by 2050 and with global oil and gas companies shifting away from fossil fuel to green energy.

Inpex plans to fully offset carbon emissions from its own oil and gas production and the energy it uses by 2050. It also aims to reduce its net carbon intensity by 30% by 2030 compared to the level in 2019.

Mitigation would rely on offsetting emissions such as tree planting or carbon capture technology, which has not yet reached commercial scale.

At the same time, Inpex will its expand green energy assets such as renewable energy and hydrogen.

It will spend 20-30 billion yen ($193-$289 million) a year on decarbonization, out of planned annual spending of 250-300 billion yen for the next five years.

"We want to become an innovator for energy transition," Inpex President Takayuki Ueda told a news conference.

The company, which produces 580,000 barrels of oil-equivalent (BOE) per day, had previously set a target to raise the volume to 1 million BOE per day, but Ueda said the goal is no longer valid.

"As for LNG, we still believe demand will rise in the mid- and long-term, mainly in Asia, and we will keep investing in new projects," Ueda said.

"But as for oil, we would expand assets only near existing projects...instead of starting new projects from scratch," he said. ($1 = 103.7400 yen) 

(Reporting by Yuka Obayashi; Editing by Kirsten Donovan)

Categories: Energy Industry News Activity Asia Decarbonization

Related Stories

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

Fugro Expands Geotechnical Testing Capabilities in Indonesia

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

Current News

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com