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(BOE) per day, had previously set a target to raise the volume to 1 million BOE per day, but Ueda said the goal is no longer valid.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

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

Woodside to Shed Some Trinidad and Tobago Assets for $206M

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Cairn India Might Invest in US Oil Servicing Firms to Increase Production

MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

Tokyo Gas Enters LNG Market in Philippines

Malaysia's Petronas Plans Job Cuts

McDermott Concludes Work at PTTEP’s Kikeh Gas Field Off Malaysia

Japan's Mitsui Eyes Alaska LNG Project

Current News

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

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