We at INPEX CORPORATION would like to express our sincere appreciation for your continued understanding and support of the INPEX Group and Our business operations.
As stated in our Mission, we are committed to contributing to the creation of a brighter future for society through our efforts to develop, produce and deliver energy in a stable and sustainable way.
In recent years, the climate surrounding the energy industry has changed dramatically. Until a few years ago, the industry’s primary challenge lay in how to transition to decarbonization in response to climate change issues. Since the Ukraine conflict, however, rising oil and gas prices and a tight market balance have shifted the focus once again on the importance of energy security and affordability (the supply of energy in sufficient quantities and at stable prices). Today, it is widely understood that energy security and affordability should be pursued hand in hand with sustainability, in other words in balance with environmental considerations toward decarbonization. Additionally, owing to the recent instability in the Middle East and emergence of new political administrations in various countries, it is believed that energy and environmental policies may change dramatically worldwide, necessitating further preparation for uncertainties surrounding the energy business landscape.
In this context, there is a growing consensus on a wide scale that a realistic and pragmatic solution is the long-term utilization of natural gas and particularly liquefied natural gas (LNG) as an important energy source given its properties of emitting a relatively low volume of CO2 when combusted, compared with other fossil fuels like crude oil or coal.
Meanwhile, perceptions have also shifted regarding the path to a net zero carbon society. While there is no change to the overall approach of aiming for net zero, the speed and methods of this approach should reflect the circumstances and conditions of each country and region, and there is a growing recognition that realistic and diverse pathways need to be accepted. There is also the possibility that the global trend of rising electricity demand may extend to the medium and long term, driven by the prevalence of AI and other factors. This raises the growing importance of stable and efficient power supply systems in the future, as well as minerals and scarce resources to support and enhance such systems.
Considering these changes, on February 13, 2025 we at INPEX announced the formulation of INPEX Vision 2035 and a mid-term business plan for the three-year period between 2025 and 2027.
Looking ahead to 2035, we will prioritize the safe and reliable operations of our existing projects to fulfill our duty of providing a stable energy supply. Particularly in terms of our natural gas and LNG business, we will make the most of the experience we have gained over more than 40 years of involvement in numerous projects including the INPEX-operated Ichthys LNG Project. We will strive to start up production of the Abadi LNG Project in the beginning of the 2030s and realize the Ichthys LNG Expansion Project in the first half of that decade.
At the same time, we will aim to expand into new fields such as lower-carbon solutions centered on CCS and hydrogen by tapping the organizational resources and technologies that we have so far cultivated. Furthermore, we will seek new business initiatives in power-related fields leveraging our distinctive capabilities.
As the energy transition toward net zero progresses in all parts of the world, we will pursue the stable supply of lower-carbon energy and a “responsible energy transition” that is sustainable and supportive of the global environment, doing all this through the actions listed above.
We have also rolled out a new brand message that reads, “Energy for a brighter future.” The message reflects our unwavering resolve to elevate the corporate value of our entire group; use our technologies, capabilities and experience that set us apart from our competition to supply energy over the long term; and aim to help create a sustainable future.
We look forward to your continued support and guidance.
Takayuki UEDA
Representative Director, President & CEO
INPEX CORPORATION
February 2025
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