sign in sign up
<<
Home , Eurasia, Timor Sea

Segment Overview

Asia & u p. 28 u p. 20

Number of countries 7 4 1,551 ,296 1 1,245 1,218 1 16 14 Number of projects 1 3 In production 2 43 1 1 6 Under development 10 Preparation for development

Under exploration (oil and gas reservoirs confirmed) Under exploration Other 466

Production/Reserves 367

Proved reserves (million boe) 214 201 195 210 207 191 Net production (thousand boed) 179 197 190 188 167 166 28 27 27 26 25 25

2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 485,275 485,069 483,187 406,828 409,776

/ 352,383

Net sales 299,599 281,623 Operating income 264,849 235,814

Net sales (¥ million) 191,070 178,225 Operating income (¥ million) 96,341 94,050 85,541 84,325 73,574 68,319 47,076 41,752 42,601 39,769 36,461 32,228

2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015

018 INPEX CORPORATION Annual Report 2015 Middle East 2010 2010 132 303,819

205,572 636 & 1 2011 20 135

11 350,735 583

243,113 1 20 2012 u

155 9

500,033 12

6 p. 30 p. 354,136 518 2013 2013 520,835 158 357,343 505 2014 2014 168 7 621,513 421,184 857 20 2015

15 524,528 169 333,213 783 2010 16,692 2010 21 1,028 40 3 20 12,673 2011

11 21 1 (3,035) 30 2 2012 16 20

5,525 18 u 12

p. 32 p.

(5,518) 36 7 2013 5,945 2013 17 (6,089) 68 2014 2014 11,435 20 10 (7,646) 65 20 2015

15 13,351 21 (15,303) 74 2010 2010 93,959 30 INPEX CORPORATIONINPEX 126 32,555 2011 20 25 104,525 11 (Approx. 1,400km) Minami-Nagaoka pipeline network 25,959 117 Naoetsu LNG 20 2012 Gas Field Terminal 28 u

113,662 12

p. p. etc.

24,607 138 1 36 2013 2013 29

118,937 Annual Report 2015 Report Annual 28,568 130 2014 2014 120,268 27 22,771 174 20 2015

15 129,522 25 16,693 163

019 Project Overview Project 4 Project Overview by

Asia & Oceania In the Asia and Oceania region, INPEX holds participating interests in the Offshore Mahakam Block in , which is contributing significantly to earnings, and the large-scale Ichthys and Abadi LNG projects, where development and preparatory development activities are under way. The Company is also actively advancing more than 20 exploration projects with growth potential across the region.

020 INPEX CORPORATION Annual Report 2015 4 Project Overview 021 - Annual Report 2015

1: Compression unit 2: Production facility unit 2: Production 1: Compression INPEX 50% TOTAL* 50% TOTAL* 50% INPEX 50% 50% Chevron* INPEX Interest owned Interest (*Operator) INPEX CORPORATION The Offshore Mahakam Block has Mahakam Offshore The 1 begun to see output decline after more more decline after begun to see output In 2012, of than 40 years production. wells led to production impediments at - in addition to nat in output, drop a large steps successful Thereafter, attrition. - the decline in pro control to taken were aimed In addition to measures duction. INPEX sand problems, counteracting at it under which the pace at accelerated - Produc took development well drilling. stable since tion volumes have remained 2013. Nubi Field Sisi Field Tunu Field Tunu Attaka Field Peciko Field Bekapai Field INPEX CORPORATION INPEX 1966) 21, (February Venture company Venture (established) Oil and gas field Attaka Unit Offshore Mahakam Block South Mahakam Field Oil field Gas field Nilam Field Badak Field Handil Field Tambora Field Tambora Santan Terminal Bontang LNG Plant Balikpapan Senipah Terminal INDONESIA 2 This venture subsequently made a series venture This Handilof (oil), discoveries in the Bekapai (gas), Tunu (oil and gas), Tambora (oil), as well Sisi and Nubi (gas), (gas), Peciko as the South Mahakam (gas), fields, each of crude which has continued to produce crude oil and con- The gas. oil and natural densate produced from these fields are power and refineries oil to mainly shipped the from by tanker Japan companies in Most ofSantan and Senipah terminals. to the Bontang gas is supplied the natural and then shipped as LNG to LNG Plant, and elsewhere. Japan customers in - Crude oil: 72 Mbbld gas: 1,257Natural MMcf/d In production LPG: 11 Mbbld Project status Project of on the basis of rate FY2014) (production all fields and average Offshore Mahakam Block and Attaka Unit Attaka Block and Mahakam Offshore Attaka Unit Attaka Offshore Mahakam Offshore Contract area area Contract (block) ing contract (PSC) with the Indonesian the Indonesian (PSC) with ing contract that at 1966, Government in October in the interest time acquiring a 100% Attaka The Block. Mahakam Offshore April 1970 in Unit was established of the unitization of part through the and owned by INPEX adjacent blocks com- each with Unocal (now Chevron), Production interest. pany taking a 50% of gas has contin- crude oil and natural farmed out 50% INPEX since 1972. ued Mahakam ofOffshore the in interest its 1970. July in TOTAL) Block to CFP (now INPEX entered into a production shar into a production entered INPEX 1 2 South Natuna Block B

FPSO vessel

In July 1977, INPEX acquired a 17.5% duction, storage and offloading (FPSO) interest in the South Natuna Sea Block B in system. Production of crude oil and con- South Natuna Sea North Belut Block B Indonesia. Later, in January 1994, INPEX densate began in December 2004, with Belida Kerisi Bawal increased its total interest in the block to LPG production commencing in April 35% with the purchase of an additional 2007. After 2006 at this same block, pro-

interest. Crude oil production began in duction began at the Hiu Gas, Kerisi Oil South Belut Natuna Island 1979, and supplies of natural gas to Sin- and Gas, North Belut Gas and Bawal Gas Hiu gapore via Indonesia’s first international fields. Most recently, production com- Sembilang Belanak pipeline commenced in 2001. Additional menced at the South Belut Gas Field in Gas field Oil field Oil and gas field deliveries of natural gas from this pipeline April 2014. to started in 2002. These supply milestones contributed to the extension Project status Contract area Venture company Interest owned (production on the basis of all fields and of the PSC covering the block until 2028. (block) (established) (*Operator) average rate of FY2014) Production operations in the Belanak Crude oil: 27 Mbbld INPEX Natuna 35% South Natuna INPEX Natuna, Ltd. oil and gas field, which is part of South In production Natural gas: 354 MMcf/d ConocoPhillips* 40% Sea B (September 1, 1978) Natuna, utilize a -class floating pro- LPG: 12 Mbbld Chevron 25%

3 Sebuku Block Ruby Gas Field

Fertilizer plant In September 2010, INPEX obtained a Bontang LNG Plant Attaka Field 15% interest in the Sebuku Block off the Santan Terminal shore of South , Indonesia. There- Tunu Field Senipah Terminal after, work began to develop the Ruby Peciko Field Gas Field in the block, and production Balikpapan of natural gas followed in October 2013. South Mahakam Field Kalimantan The natural gas produced here is trans- ported from offshore production facilities via undersea pipeline to onshore storage INDONESIA

facilities that receive products from the Sebuku Block Sulaewesi Offshore Mahakam Block. The natural gas Gas field is then mainly sent via inland pipeline to a Ruby Gas Field Oil field fertilizer plant in East Kalimantan. Offshore production facility in the Ruby Gas Field

Contract area Project status Venture company Interest owned (block) (production on the basis of all fields and average rate of FY2014) (established) (*Operator) INPEX South Makassar, Ltd. INPEX South Makassar 15％ Sebuku In production (Natural gas: 73 MMcf/d) (May 17, 2010) PEARL OIL (Sebuku) Ltd.* 70% TOTAL 15%

022 INPEX CORPORATION Annual Report 2015 4 Project Overview 023 Gas field INDONESIA Floating LNG (rendering) Floating Annual Report 2015 ％

Darwin 3: Tanimbar Island Interest owned (*Operator) Interest INPEX Masela* 65% INPEX Shell 35 Abadi Gas Field Production test Production 2: Sea INPEX CORPORATION INPEX Masela, Ltd. Masela, INPEX 1998) (December 2, Drillship for the Abadi LNG Project Drillship for the 1: Project statusProject company (established) Venture Preparation for Preparation development Contract area (block) area Contract Masela 3 work. Meanwhile, INPEX also has studiedhas also INPEX Meanwhile, work. the feasibility of full field development, wells between appraisal drilling three the aim of2013 and 2014 with - expand reserves. ing the volume of recoverable ofthein Evaluations resulted wells these confirmation of a substantially which volume of gas reserves, greater natural was certified by Indonesian authorities. is INPEX those into consideration, Taking studying ways to optimize development FLNG on a large-scale plans centered in discussions with the and is currently Indonesian government. Abadi LNG Project 2 1 INPEX acquired a 100% interest in the interest a 100% acquired INPEX 1998 through Masela Block in November by the Indone- an open bid conducted subsequently wentsian government and Operator, as activities exploratory about through Abadi Gas Field discovering the the first exploratory well drilled in 2000. subsequently drilled two company The 2007– four in in 2002 and wells appraisal 2008, all of which confirmed the - pres ence of reservoirs. gas and condensate Indonesian authori- In December 2010, the initial plan ofties approved develop- ment (POD-1) deploying a floating LNG (FLNG) plant with an annual processing and from capacity of 2.5 million tons, 2014, November to 2012 November umbil- SURF (subsea, undertook INPEX ical, riser and flowline) and FLNG FEED 4 5 The Ichthys LNG Project and Surrounding Blocks

Project Overview ensuing period, INPEX has continued to jetties to accommodate module ship- In 1997, INPEX placed an open tender engage in engineering, equipment pro- ment. Currently, pipe-laying work for the bid to acquire the exploration curement and construction work activ- 889-km-long gas export pipeline (GEP) permit WA-285-P located approximately ities with respect to both onshore and that will connect the Ichthys gas-con- 200 km northwest of ’s offshore production facilities. densate field with onshore facilities in Kimberley coast. This bid was accepted Darwin is in progress. Following suc- in August 1998. During the initial phase Status of Development Work cessful completion of the shallow water of exploration, which began in March Development work was more than half section in November 2014, open 2000, the Company drilled three explor- complete as of June 2014 and is cur- work began from February 2015 in con- atory wells that confirmed the presence rently approaching its peak. Looking at junction with the drilling of production of gas and condensate. As part of a sec- the status of offshore facilities, work con- wells. ond drilling campaign, INPEX conducted tinues on the manufacture and installa- three-dimensional seismic surveys while tion of a subsea production system as Surrounding Exploration Blocks drilling an additional two wells. These well as the construction of a central pro- INPEX holds 13 exploration blocks in the activities helped to identify the exis- cessing facility (CPF) and a floating pro- vicinity of the Ichthys gas-condensate field tence of sufficient recoverable reserves duction, storage and offloading (FPSO) and is currently engaging in exploration to warrant commercial development. facility. Construction of modules for activities. Of this total, evaluation work Thereafter, progressive steps were taken onshore facilities is under way at yards on the gas already discovered at the to transition toward development. In in , the and . three WA-56-R, WA-281-P, and WA-274-P addition to undertaking front-end engi- Onsite work to install the first module blocks is under way. In the event that neering and design (FEED) operations, was undertaken in 2014 with approxi- substantial amounts of crude oil and the Company channeled its energies mately one-third of all module installa- natural gas are confirmed as a result of toward acquiring government approval tion work completed as of June 2015. In this exploration and evaluation activity, and engaging in LNG marketing and Darwin, progress is being made on the synergies and other effects with the other related activities from 2009. A final construction of LNG, LPG and conden- Ichthys LNG Project are expected to investment decision (FID) was made sate storage tanks as well as other essen- further expand business. in January 2012 triggering the start of tial equipment and facilities including fully fledged development work. In the electric power generation systems and

1 2

3 4 1: FPSO under construction 2: ENSCO5006 drilling rig for a production well 3: Subsea wellhead assembly 4: CPF construction at floating dock

024 INPEX CORPORATION Annual Report 2015 4 Project Overview 025 Annual Report 2015

9: Onshore gas liquefaction plant 9: Onshore

Interest owned Interest (*Operator) INPEX Ichthys Pty* 62.245% TOTAL 30.000% CPC 2.625% Gas 1.575% Tokyo 1.200% Gas Osaka 1.200% Electric Power Kansai 0.735% Chubu Electric Power Gas 0.420% Toho Pty* 60% E&P Browse INPEX TOTAL 40% Pty* 60% E&P Browse INPEX TOTAL 40% INPEX Browse E&P Pty* 60% Browse INPEX TOTAL 40% E&P Pty 20% Browse INPEX 50% Santos* 30% Chevron E&P Pty 20.0000% Browse INPEX Santos* 47.8306% 24.8300% Chevron 7.3394% Beach E&P Pty 20% Browse INPEX 50% Santos* 30% Chevron E&P Pty 40% Browse INPEX Santos* 60% E&P Pty 40% Browse INPEX Santos* 60% E&P Pty 40% Browse INPEX Santos* 60% E&P Pty 40% Browse INPEX Santos* 60% INPEX Browse E&P Pty* 50% Browse INPEX Murphy 50% E&P Pty* 100% Browse INPEX INPEX CORPORATION INPEX Browse Browse INPEX E&P Pty Ltd (October 21, 2013) Venture company (established) INPEX Ichthys Pty Ltd (April 5, 2011) INPEX Browse, Ltd. (September 1, 1998) Project status Project Under development Under exploration Under exploration Under exploration Under exploration (Oil/gas reservoirs (Oil/gas reservoirs confirmed) (Oil/gas reservoirs confirmed) (Oil/gas reservoirs confirmed) Under exploration Under exploration 8: Module of liquefaction plant delivery work onshore

Contract Contract area (block) WA-50-L WA-51-L WA-285-P WA-341-P WA-343-P WA-56-R AC/P36 WA-281-P WA-410-P/ WA-57-R WA-502-P WA-504-P WA-513-P WA-514-P WA-494-P WA-274-P/ WA-58-R 6 7: CPF module installation work 7: CPF module installation

P36 / WA-56-R WA-285-P WA-494-P AC WA-343-P WA-341-P AUSTRALIA 9 Ichthys WA-50-L WA-51-L 6: Onshore gas liquefaction plant under construction 6: Onshore

513-P -281-P -514-P Ichthys gas-condensate field 5: Gas export pipeline laying work 5: Gas export WA WA-502-P WA WA-410-P/ WA-57-R WA-274-P/ WA-58-R WA- WA-504-P 7 5 8 6 Prelude FLNG Project (WA-44-L Block)

In June 2012, we acquired from Shell Shell (the operator) made the FID Field was first discovered in early 2007. a 17.5% interest in the Prelude FLNG on the Prelude FLNG Project, which will Through its participation as a proj- Project, which is located in WA-44-L, be the world’s first FLNG project, in May ect partner in the Prelude FLNG Project, approximately 475 km north-northeast 2011. Development of the Prelude FLNG INPEX is gaining experience and knowl- of Broome, off the coast of Western Project is currently under way, with the edge about FLNG, which it expects to Australia. A production, liquefaction start of production targeted at around leverage in the Abadi LNG Project in and shipment project using FLNG, the 10 years from when the Prelude Gas Indonesia. Prelude FLNG Project consists of the

Prelude and Concerto gas fields and will Contract area (block) Project status Venture company (established) Interest owned (*Operator) approximately produce 3.6 million tons INPEX Oil & Gas Australia 17.5% Under INPEX Oil & Gas Australia Pty Ltd per year of LNG, 400 thousand tons per WA-44-L Shell* 67.5% KOGAS 10.0% CPC development (February 28, 2012) year of LPG at peak and approximately 5.0% 36 thousand barrels per day of conden- sate at peak.

Timor Sea

Concerto Gas Field WA-44-L Prelude Gas Field

Ichthys Gas-Condensate Field

AUSTRALIA Gas field

FLNG vessel

7 Tangguh LNG Project (Berau Block)

MI Berau B.V., jointly established by INPEX Petroleum Ltd., effectively increasing the project development plans for the Tang- and Mitsubishi Corporation, acquired an Company’s interest to around 7.79% in guh LNG Project through 2035. Develop- interest in the Berau Block in October the Tangguh LNG Project. ment work commenced thereafter, and 2001. In October 2007, MI Berau Japan In March 2005, the Indonesian Gov- the first shipments of LNG began in July Ltd., a joint venture with Mitsubishi Cor- ernment approved an extension of the 2009. poration, acquired a stake in KG Berau production sharing contract (PSC) and

Papua Province (Indonesia)

Kaimana

Berau Block

Gas field

Shipping facility

Contract area Project status Venture company Interest owned (block) (production on the basis of all fields and average rate of FY2014) (established) (*Operator) Ml Berau 22.856% BP* 48.000％ Berau Nippon Oil Exploration (Berau) 17.144% KG Berau 12.000% Crude oil: 6 Mbbld MI Berau B.V. In production Natural gas: 1,027 MMcf/d (August 14, 2001) MI Berau 16.30% BP* 37.16% CNOOC 13.90% Tangguh Unit Nippon Oil Exploration (Berau) 12.23% KG Berau, KG Wiriagar 10.00% LNG Japan 7.35% Repsol 3.06%

026 INPEX CORPORATION Annual Report 2015 4 Project Overview 027 - - Darwin Oil field AUSTRALIA INDONESIA Van Gogh FPSO vessel Van Annual Report 2015 Gas field

Darwin Gas Pipeline Abadi Gas Field Timor Sea Timor Development Area Joint Petroleum JPDA06-105 (Kitan Oil Field) ) Block 105 Interest owned Interest (*Operator) INPEX Sahul 19.2458049% ConocoPhillips* 61.3114766% Santos 19.4427185% INPEX Sahul 11.378120% ConocoPhillips* 56.943372% Eni 10.985973% Santos 11.494535% Tokyo Timor Sea Resources (TEPCO/Tokyo Gas) 9.198000% 35% Sea Timor INPEX 25% Eni* 40% Repsol Interest owned Interest (*Operator) INPEX Sahul 19.2458049% ConocoPhillips* 61.3114766% Santos 19.4427185% INPEX Sahul 11.378120% ConocoPhillips* 56.943372% Eni 10.985973% Santos 11.494535% Tokyo Timor Sea Resources (TEPCO/Tokyo Gas) 9.198000% 35% Sea Timor INPEX 25% Talisman Eni* 40% - INPEX CORPORATION Bayu-Undan Gas-Condensate Field EAST opment plan from the Timor Sea JPDA JPDA Sea Timor the from plan opment develop After 2010. April in authorities Oil Kitan the at production work, ment 2011. October in commenced Field obtained obtained approval for the final devel (JPDA06 Interest owned Interest (*Operator) 52.501% Alpha 47.499% Quadrant* INPEX INPEX Alpha 18.670% Quadrant* 40.665% Alpha 18.670% Quadrant* INPEX 6.555% Tap 7.000% JX 27.110% OMV Quadrant* 52.501% INPEX Alpha 47.499% Quadrant* 71.5% Alpha 28.5% Quadrant* INPEX INPEX Alpha 28.500% BHPBP* 39.999% Quadrant 31.501% Alpha 28.500% BHPBP* 39.999% Quadrant INPEX INPEX Alpha 47.499% Quadrant* 52.501% Alpha 47.499% Quadrant* INPEX Venture company Venture (established) INPEX Sahul, Ltd. (March 30, 1993) Ltd. Sea, Timor INPEX 1991) (November 25, Venture company Venture (established) INPEX Sahul, Ltd. (March 30, 1993) Ltd. Sea, Timor INPEX 1991) (November 25, ） ） Part I Part II Oil field （ （ Venture Venture company (established) INPEX Ltd. Alpha, (February 1989) 17, Barrow Island Barrow Onslow WA-155-P WA-155-P Kitan Oil Field (Production test) (Production Kitan Oil Field AUSTRALIA and Kitan Oil Field Project status Project on the basis of(production all of rate FY2014) fields and average In production Crude oil: 24 Mbbld Natural gas: 519 MMcf/d LPG: 14 Mbbld (Crude oil: 6 Mbbld) In production Project status Project on the basis of(production all of rate FY2014) fields and average In production Crude oil: 24 Mbbld Natural gas: 519 MMcf/d LPG: 14 Mbbld (Crude oil: 6 Mbbld) In production (Oil/gas reservoirs confirmed) (Oil/gas reservoirs confirmed) (Oil/gas reservoirs WA-35-L & WA-55-L & WA-35-L Unitization (Coniston Oil Field) WA-35-L Van Gogh Oil Field Van Ravensworth Oil Field WA-43-L The The presence of oil was confirmed Exmouth 12 Block) 12 - Contract area Contract (block) JPDA03-12 Bayu-Undan Unit JPDA03-12 Bayu-Undan Unit Contract area Contract (block) JPDA06-105 (Kitan Oil Field) JPDA06-105 (Kitan Oil Field) through exploration drilling of drilling Kitan-1 the exploration through the in 2008 March in wells Kitan-2 and INPEX which area, contract JPDA06-105 we Thereafter, 1992. January in acquired Under exploration Under exploration Project status Project on the basis of(production all of rate FY2014) fields and average In production (Resumed since April 2015) since (Resumed In production (Crude oil: 10 Mbbld) In production In production (Since May 2015) In production Under exploration - (JPDA03 ) ) Ⅰ Ⅱ Bayu-Undan Project Bayu-Undan Project Van Gogh Oil Field, Ravensworth Oil Field and Others Oil Field and Gogh Oil Field, Ravensworth Van Contract area (block) area Contract WA-35-L (Van Gogh Oil Field) (Van WA-35-L Oil Field) (Ravensworth WA-43-L WA-155-P (Part WA-155-P (Part WA-155-P WA-35-L & WA-55-L Unitization area (Coniston Oil Field) (Coniston area Unitization WA-55-L & WA-35-L WA-35-L (excluding Van Gogh Oil Field) (excluding Van WA-35-L ration within this contract area resulted resulted area contract this within ration in the discovery of oil and gas fields. Of Undan the that revealed studies these, the in structure Bayu the and structure a were area contract JPDA03-13 adjacent - unit holders interest The structure. single allowing 1999, in areas contract both ized of development joint Bayu-Undan the The proceed. to Field Gas-Condensate ofshipment and production commercial and 2004, in started LPG and condensate 2006. February in LNG In April 1993, INPEX acquired an interest interest an acquired INPEX 1993, April In in located area a contract JPDA03-12, in - man is jointly which JPDA, Sea Timor the Explo Timor. East and Australia by aged INPEX acquired interests in offshore in offshore interests acquired INPEX I) in (Part WA-155-P Australia Western Gogh and Van which the after July 1999, Ravensworth oil fields were discovered. - pro granted Government Australian The duction licenses for the above oil fields as which at blocks, WA-43-L and WA-35-L the in February commenced oil production The respectively. August ofand 2010, development of Oil Field, the Coniston was WA-55-L, and WA-35-L which saddles oilcrude and 2011, December in started commenced in May 2015. production 9 8 Eurasia The Company’s activities in this region revolve mainly around the ACG projects in Azer- baijan and the Kashagan project in , large-scale oil projects. The Company has been aggressively exploring for resources with the acquisition of exploration proj- ects in and the region of .

1 Offshore North Contract Area (Kashagan Oil Field and Others)

In September 1998, INPEX acquired an suspended due to gas leaks from the and Kashagan Southwest. Appraisal of interest in the Offshore North Caspian pipeline. these structures is continuing in parallel Sea Contract Area in Kazakhstan’s terri- Besides the Kashagan field, hydrocar- with the development of the main Kasha- torial waters. The Offshore North Caspian bon reserves were also confirmed in four gan field with a view to expanding the Sea Contract Area consists of two blocks: other structures: Kalamkas, Aktote, Kairan total production of the contract area. the East Block is about 4,300 km2 and the West Block is about 1,275 km2 in area (for a total of about 5,575 km2). The Kasha- gan Oil Field, which is in the East Block, is located in the Caspian Sea at depths of 3–5 m and is approximately 75 km south- east of , Kazakhstan. Since the first exploratory well was drilled in September 1999, the Kashagan Oil Field was confirmed in 2000 and com- mercial discoveries were announced in 2002. After development work, the Kasha- gan Oil Field began producing crude oil in September 2013, but production was Offshore facility

Contract area (block) Project status Venture company (established) Interest owned Offshore Production under INPEX North Caspian Sea, Ltd. INPEX North Caspian Sea 7.56% Eni 16.81% ExxonMobil 16.81% North Caspian Sea suspension (August 6, 1998) KMG 16.87% Shell 16.81% TOTAL 16.81% CNPC 8.33%

028 INPEX CORPORATION Annual Report 2015 2 ACG Oil Fields

INPEX acquired an interest in the Fields, oil is being produced at the Chi- Azeri-Chirag-Gunashli (ACG) Oil Fields rag, the Central Azeri, the West Azeri, the in a region of the south Caspian Sea in East Azeri, the Deepwater Gunashli and in April 2003. At the ACG Oil the West Chirag.

Project status Contract (production on Venture company Interest owned area the basis of all fields (established) (*Operator) (block) and average rate of FY2014) INPEX Southwest Caspian Sea 10.96% INPEX Southwest In production BP* 35.78% Chevron 11.27% SOCAR 11.65% ACG Caspian Sea, Ltd. (Crude oil: 642 Mbbld) Statoil 8.56% ExxonMobil 8.00% TPAO 6.75% (January 29, 1999) Offshore production facilities Itochu 4.30% ONGC 2.72%

KAZAKHSTAN Atyrau

RUSSIA Offshore North Caspian Sea Contract Area

Black Sea Caspian Sea 4 Project Overview Tbilisi GEORGIA Baku

ARMENIA AZERBAIJAN BTC Pipeline ACG Oil Fields

Ceyhan

IRAQ Mediterranean Oil field Sea

3 BTC Pipeline Project

The 1,770-km BTC pipeline stretches 2006. Total transportation capacity stands from Baku in Azerbaijan on the coast of at 1.2 million barrels per day, mainly for the Caspian Sea to Ceyhan in Turkey. crude oil produced in the ACG Oil Fields Full-scale operation commenced in June in Azerbaijan.

Contract area Venture company Interest owned (block) (established) (*Operator) INPEX BTC Pipeline 2.50% BP* 30.10% INPEX BTC Pipeline, Ltd. Azerbaijan (BTC) Limited 25.00% Chevron 8.90% Statoil 8.71% BTC Pipeline (October 16, 2002) TPAO 6.53% Eni 5.00% TOTAL 5.00% Itochu 3.40% ConocoPhillips 2.50% ONGC 2.36%

Shipping terminal

INPEX CORPORATION Annual Report 2015 029 Middle East & Africa In the Middle East, the ADMA Block in Abu Dhabi in the and the ADCO Block, in which INPEX took up a participating interest from April 2015, are con- tributing substantially to the Company’s oil production capacity. In Africa, oil produc- tion is ongoing at various locations including the Offshore Angola Block 14.

1ADMA Block In May 2004, INPEX made Japan Oil use of artificial islands, as well as Phase 2 Development Co., Ltd. (JODCO), a wholly development and other work, with the owned subsidiary by acquiring all of the aim of engaging in early production at the JODCO shares held by Japan National Oil Umm Lulu and Nasr oil fields. Corporation (at that time) through a share exchange. JODCO owns an interest in the ADMA Block located offshore Abu Dhabi Satah Field Nasr Field Das Umm Shaif Field in the United Arab Emirates. Oil produc- Island Upper Zakum/ tion currently spans seven fields in the Lower Zakum block. Zirku Island Field In addition, a number of development Umm Al-Dalkh Field projects are under way to maintain and Umm Lulu Field Abu Dhabi Zirku Island expand oil output, such as redevelopment U.A.E. of the Upper Zakum Oil Field involving the Oil field Subsea pipeline

Contract area (block) Project status Venture company (established) Interest owned Umm Shaif, Lower Zakum, Umm Lulu Field, Nasr Field JODCO 12.00% ADNOC 60.00% BP 14.67% TOTAL 13.33% Upper Zakum Field Japan Oil Development Co., Ltd. JODCO 12.00% ADNOC 60.00% ExxonMobil 28.00% In production (JODCO) Umm Al-Dalkh Field (February 22, 1973) JODCO 12.00% ADNOC 88.00% Satah Field JODCO 40.00% ADNOC 60.00%

030 INPEX CORPORATION Annual Report 2015 4 Project Overview 031 s interest) ANGOLA ’ s largest s largest ’ Democratic Democratic ofRepublic Congo Onshore pipeline Onshore Interest owned Interest etc. 5%, JODCO Annual Report 2015

Cabinda Cabinda The State of State The CONGO Ocean Atlantic Offshore Offshore Angola Block 14 INPEX CORPORATION Participating through a joint venture com- a joint venture through Participating a acquired INPEX S.A., TOTAL pany with - in the oil produc interest 9.99% indirect 2013. Angola Block 14 in February ing 100 approximately Block 14 is located It is Angola. Cabinda, from km offshore includes dis- block that an oil-producing covered undeveloped fields. Crude oil three from being produced is currently time, same the At areas. development being channeled toward are energies ofdevelopment the discovered certain steps manner, this In fields. undeveloped to pursue exploration being taken are potential within the block. deposits of 1.6 million oil producing taken being are Steps per day. barrels work with the to pursue development to 1.8 production aim of oil increasing by 2017. per day million barrels concession is made up to 15 principal 15 to up made is concession Abu Dhabi of oil fields in which onshore four and production in currently are 11 these Combined, undeveloped. remain of up one fields make the world .00% Eni 20.00% Galp 9.00% 31.00% Sonangol 20 Chevron* Interest owned Interest (*Operator) 20.00% (including 9.99% of INPEX Angola Block 14 B.V. JODCO Onshore Limited (April 15, 2015) (April 15, Limited Onshore JODCO Production facility Production Project statusProject company (established) Venture In production Venture company Venture (established) Angola Block 14 B.V. (April 19, 2012) ADCO Contract area (block) area Contract Through its wholly owned subsidiary, owned subsidiary, its wholly Through Ltd. Co., Oil Development Japan interest a 5% acquired INPEX (JODCO), in Concession Onshore ADCO the in its April 2015 following Abu Dhabi in also Company The bid. participation with agreement concluded a 40-year of Council the Petroleum Supreme the Abu Dhabi ofDhabi and Abu Emirate (ADNOC) that Oil Company National The 2015. 1, January on came into effect Concession agreement signing ceremony held in April 2015 held in signing ceremony agreement Concession Undeveloped oil fields Abu Dhabi In production (Crude oil: 118 Mbbld) (Crude oil: 118 In production Project status Project fields and average rate of FY2014) on the basis of all (production Crude oil pipelines Oil field in production ADCO Onshore Concession Onshore ADCO Offshore Angola Block 14 United Arab Emirates Offshore Angola Offshore Block 14 Contract area (block) 2 3 Americas In , INPEX participates in shale gas projects and others. The Company is also engaged in a major deepwater exploration project in the U.S. Gulf of (Lucius), projects in Venezuela and offshore oil projects in Brazil.

032 INPEX CORPORATION Annual Report 2015 4 Project Overview 033 Hydraulic fracturing site fracturing Hydraulic Cordova Area Cordova 3: Annual Report 2015

Interest owned (*Operator) Interest 40% Gas British Columbia INPEX 60% Nexen* Finishing operation operation Finishing 2: British Columbia Horn River Area INPEX CORPORATION Drilling site 1: 3 2 INPEX Gas British Columbia Ltd. Gas British Columbia INPEX 2011) (November 28, Venture company (established) Venture Liard Area Liard In production (partly) status Project Territories Yukon CANADA Highway Major pipelines Acquired area Acquired Horn River, Horn River, areas and Liard Cordova Contract area (block) area Contract The shale gas projects in the Horn in the Horn gas projects shale The will produced is that gas shale The Shale Gas Project in Canada Shale Gas Project 1 In August 2012, INPEX acquired a 40%a acquired INPEX 2012, August In in thegas projects in the shale interest in basins and Liard Cordova Horn River, Inc. Nexen from Canada, British Columbia, contain basins Liard and Cordova River, and undeveloped shale gas. discovered with development work will proceed We of aiming for production - a maxi and are mum of feet per day 1,250 million cubic 200 thousand boed). (approximately into LNG with studies be converted - under way to consider commercializa the Canadian from exports tion through west coast. 1 2 U.S. Projects and Others

In August 2012, INPEX acquired a 7.2% Yucatan North-1 exploratory well was Cuervito/ interest from Anadarko Petroleum Cor- drilled and confirmed the presence of Fronterizo poration in the Lucius Oil Field in the crude oil in an about 36-m thick sand- Blocks deepwater of the Gulf of Mexico. Oil stone bed formation. We are analyzing and gas production commenced at the data obtained thus far and are working Ship Shoal Block 72 Lucius Oil Field in January 2015. with our partners on more exploration MEXICO Walker Ridge We participated in the deepwa- and appraisal activities. 95/139 ter exploration blocks of Walker Ridge West Cameron Blocks 874/875/918/919 95/139 in the Gulf of Mexico in February Blocks 401/402 (Lucius Oil Field) 2011. In exploratory work since then, the

Project status Contract area Venture company Interest owned (production on the basis of all fields and (block) (established) (*Operator) average rate of FY2014) Blocks 874/875/918/919 Crude oil: 6 Mbbld In production Teikoku Oil () 7.8％ Anadarko* 23.8％ Other 68.4％ (Lucius Oil Field) Natural gas: 5 MMcf/d Teikoku Oil (North America) Co., Ship Shoal Block 72 Teikoku Oil (North America) 25.0% PetroQuest* 42.5% Other 32.5% In production (Natural gas: 3 MMcf/d) Ltd. (May 30, 2003) West Cameron Blocks 401/402 Teikoku Oil (North America) 25.0% PetroQuest* 38.0% Other 37.0% Under exploration INPEX Gulf of Mexico Walker Ridge Blocks 95/139 Teikoku Oil (North America) 12.29% Shell* 57.37% Other 30.34% (Oil/gas reservoirs confirmed) Co., Ltd. (April 28, 2010)

1

2 3 1,3: Lucius Oil Field 2: Cuervito Block in Mexico

034 INPEX CORPORATION Annual Report 2015 4 Project Overview 035 GUYANA Georgetown Annual Report 2015

FPSO vessel in the Frade Block FPSO vessel in the Frade VENEZUELA Copa Macoya and Guarico Oriental Blocks Caracas Frade Japão Petróleo 18.2609% Petróleo Japão Frade 30.0000% 51.7391% Petrobras Chevron* Santos 15% Petróleo INPEX 20% 65% PTTEP Petrobras* Interest owned Interest (*Operator) COLOMBIA INPEX CORPORATION Bogota INPEX was awarded a 100% interest in a a 100% interest was awarded INPEX East Guarico the area, onshore central INPEX July 1992. in Venezuela, Block in participated in oil and natural develop- and gas exploration rehabilitation, field Thereafter, operator. ment activities as an - service agree operational the existing to joint venture changed ments were the sameAround in 2006. agreements the East Guarico Block was newly time, reconfigured into a gas business in oil busi- Macoya Block and a crude Copa the In addi- ness in the Guarico Oriental Block. period of- the agreement both agree tion, of2026 as a result to ments was extended agreements. the change to joint venture appraisal well drilling conducted from well drilling conducted from appraisal depos- quality oil 2014 and over 2015, and shallower at discovered its were to place in are Plans depths. deeper consider the potential for commercial production. Gas plant Frade Japão Japão Petróleo Frade 1999) 5, (July Limitada (FJPL) (January 19, 2007) INPEX Petróleo Santos Ltda. Venture company Venture (established) Teikoku Oil and Gas Venezuela* Venezuela* Oil and Gas Teikoku Gas 30% 70% PDVSA 30% Venezuela Oil and Gas Teikoku CVP* 70% PDVSA Interest owned Interest (*Operator) In addition, INPEX is engaging in is engaging INPEX In addition, joint exploration activities with various joint exploration Brasileiro entities including Petróleo at operator, which serves as project S.A., the BM-ES-23 concession in the Espírito of result a As Brazil. offshore Basin Santo Teikoku Oil and Oil and Teikoku Gas Venezuela, 2006) 7, (June C.A. Venture company Venture (established) Oil field s offshore offshore s ’ BM-ES-23 (Oil/gas reservoirs confirmed) (Oil/gas reservoirs Crude oil: 27 Mbbld Crude oil: 27 In production Crude oil: 1 Mbbld gas: 52 MMcf/d Natural Project status Project on the basis of(production all of rate FY2014) fields and average Frade Project Frade Block, Other) Block, (Frade Vitoria Under exploration Under exploration Project status Project of on the basis of rate FY2014) (production all fields and average In production Natural gas: 3 MMcf/d BRAZIL Copa Macoya and Guarico Oriental Blocks Macoya and Guarico Oriental Copa Brazil Brazil Macae Campos Campos BM-ES-23 Contract Contract (block) area Frade Project Guarico Oriental Copa Macoya Macoya Copa Contract area area Contract (block) Frade Japão Petróleo Limitada (FJPL), a Limitada (FJPL), Petróleo Japão Frade and established by INPEX joint venture interest an acquired Corporation, Sojitz in Brazil Block in the Frade Northern Campos basin in July 1999. July 1999. basin in Campos Northern in started production Commercial was temporarily Production June 2009. 2012 due to the suspended in March ofpresence a small oil sheen but safely the end ofApril 2013. at resumed 3 4 Japan INPEX is active in the Minami-Nagaoka Gas Field in Niigata Prefecture, one of the larg- est of its kind in Japan, and participates in other oil and natural gas projects. In addi- Yabase Oil Field tion, the Company operates a domestic trunk pipeline network of approximately 1,400 Akita Mining Site km. INPEX also commenced operation at Naoetsu LNG Terminal in December 2013.

Akita Prefecture

Naoetsu Sekihara Gas Field LNG Terminal (underground storage) Niigatat Cityy Niigata Marketing Toyama Line (Under construction) Office Minami-Aga Oil Field Kashiwazaki Itoigawag CiCity Minami-Kuwayama Oil Field Cityy ToyaT y ma CitC ttyy Nagagaaokoka CiCity JJoeJoetoetettsuu Cityy Toyama Prefecture Shin Oumi Line Domestic Niigata Natural Gas Prefecture Natural Gas Business NagaN nno Cityy Domestic Natural Gas / Regasified LNG in Japan Tokyo Line (Minami-Nagaoka Gas Field, etc.) Tomi BS* MatsMatsttsumumoumomootto Ciity Gunma Prefecture Fujioka BS* Shin Tokyo Line Matsumoto Line KaKaruruuizizawzawa Isesaki Power Control Center TownTo

Chino CCiityty Nagano Tochigi TomiTom okaa Ryomo Line Prefecture CitCityCity Prefecture HonHonjH o CiC tyy Kofu Line Sannoo CCity Yamanashi Prefecture Iruma Line KKonoonon su Cityy Shizuoka ShoShowShowa Prefecture Second Suruga Trunk Line TownTownoww OmeOme Cityityty Saitama Oil and gas fields Sodeshi LNG Terminal Prefecture Shizuoka Line [Shizuoka Gas] Adachi-ku, Tokyokyo OOther project GGoteGot mbambba Metropolitan Cityt Tokyo Natural gas ShizShh zuokaokaok Citty Head Office pipeline network Regasified (Akasaka, Minato-ku) Fuji CitCi y LNG * BS・・・Booster station Minamifuji Line Technical Research Center Chiba Ciity (INPEX, Shizuoka Gas, Tokyo Gas) (Kitakarasuyama, Setagaya-ku) Major office or mining site SaSamSammS u CiC ty Naruto Gas Field Itazuma Power Control Center Chiba Mining Site Chiba Prefecture 0 100 km

Natural Gas Business in Japan

In its natural gas business in Japan, the ture), which commenced operations in nies and large-scale plants along the natural gas produced from the Com- December 2013, are transported through aforementioned network. pany-held Minami-Nagaoka Gas Field a trunk pipeline network of approxi- INPEX has experienced steady (Niigata Prefecture) as well as the LNG mately 1,400 km stretching across the growth in sales of natural gas volume due and other products received at the Kanto and Koshinetsu , and sold to sharp rises in the prices of competing Naoetsu LNG Terminal (Niigata Prefec- to customers including city gas compa- fuels, as well as the highly environmentally

036 INPEX CORPORATION Annual Report 2015 friendly attributes of natural gas. In addi- including city gas companies along its Mitsuke tion to its role as a fuel for thermal energy, network. Echigo Line City natural gas is expected to be used for a At the Naruto Gas Field in Chiba Sekihara Gas Field (underground(underground storage)storage) Shinetsu wide variety of applications, such as a Prefecture, natural gas is being pro- Sea of Honsen Japan Nagaoka fuel for onsite power generation and duced from water-soluble gas fields. City

co-generation, as well as a raw material After extracting natural gas from under- Joetsu Yabase Oil Field Kashiwazaki City Shinkansen for chemical products. INPEX targets ground water (brine water), the brine Line Akita Mining Site 3 annual sales of 2.5 billion m by the early water is used to produce iodine, which Minami-Nagaoka 2020s and as much as 3.0 billion m3 over is exported to , the United States Gas Field the long term. and elsewhere. Ojiya City Gas field Joetsu Line To achieve these targets, INPEX Akita Prefecture is advancing construction work on the Natural Gas Sales Volume in Japan Toyama Line (extending from Itoigawa (100 million Nm3/year) Note: 41.86MJ per 1m3 City, Niigata Prefecture, to Toyama City, 18.0 17.9 Toyama Prefecture) with a view to com- 17.2 17.6 17.5 Naoetsu pletion in mid-2016. In the lead-up to Sekihara Gas Field LNG Terminal (underground storage) the full deregulation of electric power Niigatat Cityy retail sales in April 2016, the Company Niigata Marketing Toyama Line (Under construction) Office has at the same time commenced steps Minami-Aga Oil Field Kashiwazaki to consider new initiatives with respect to Itoigawag CiCity Minami-Kuwayama Oil Field Cityy electric power business activities with the ToyaT y ma Natural gas pipeline that crosses a river Nagagaaokoka CiCity 2011/3 2012/3 2013/3 2014/3 CitC ttyy aim of collaborating with various parties 2015/3 (Shibumi River, Niigata Prefecture) JJoeJoetoetettsuu Cityy Toyama Prefecture Shin Oumi Line Domestic Niigata Natural Gas Prefecture Natural Gas Business NagaN nno Cityy Domestic Natural Gas / Regasified LNG in Japan Renewable Energy and Other Initiatives Tokyo Line (Minami-Nagaoka Gas Field, etc.) Tomi BS* MatsMatsttsumumoumomootto Ciity Power Generation Business in Japan Prefecture. The two companies were Gunma Prefecture Fujioka BS* In March 2013, the Company began gen- joined by Mitsui Oil Exploration Co., Ltd., 4 Shin Tokyo Line Project Overview Matsumoto Line KaKaruruuizizawzawa Isesaki Power Control Center erating electricity at INPEX Mega Solar in 2012, and drilling of one survey well TownTo Joetsu, a solar power plant with a maxi- in the Amemasudake region and two Chino CCiityty mum output of 2 MW, located on the for- survey wells in the Oyasu region com- Nagano Tochigi TomiTom okaa Ryomo Line Prefecture CitCityCity Prefecture mer site of an oil refinery that it shut down menced during 2013. In 2014, the drill- HonHonjH o CiC tyy in Joetsu City, Niigata Prefecture. In 2014, ing of three survey wells was undertaken Kofu Line Sannoo CCity Yamanashi steps were taken to construct a new solar across the two regions. We plan to con- Prefecture Iruma Line KKonoonon su Cityy Shizuoka power plant with output of 2 MW next to tinue conducting geothermal resource Second Suruga Trunk Line ShoShowShowa Prefecture TownTownoww this site. Power generation began from surveys by drilling survey wells of a sim- Sarulla Geothermal Independent Power Producer (IPP) Project OmeOme Cityityty Saitama Oil and gas fields Sodeshi LNG Terminal Prefecture July 2015. We estimate that these two ilar scale in both of these regions going Shizuoka Line [Shizuoka Gas] Adachi-ku, Tokyokyo OOther project solar power plants will generate around forward. In addition, INPEX is a mem- GGoteGot mbambba Metropolitan 5,330,000 kWh annually, enough elec- ber of the geothermal resource survey Research of Methane Hydrate Cityt Tokyo Natural gas ShizShh zuokaokaok Citty Head Office pipeline network tricity to power 1,600 homes. group in Fukushima Prefecture and has Resource in Japan Regasified (Akasaka, Minato-ku) Fuji CitCi y LNG * BS・・・Booster station In addition, INPEX constructed a been conducting land surveys in areas A type of unconventional natural gas, Minamifuji Line Technical Research Center Chiba Ciity high-efficiency gas turbine combined surrounding Mt. Bandaisan since Sep- methane hydrate is a solid crystal struc- (Kitakarasuyama, Setagaya-ku) (INPEX, Shizuoka Gas, Tokyo Gas) Major office or mining site cycle thermal power plant with output of tember 2013. ture with methane trapped inside. SaSamSammS u CiC ty Naruto Gas Field Itazuma Power Control Center Chiba Mining Site about 55,000 kW next to its Koshijihara Moreover, INPEX took steps to par- Deposits of methane hydrate have been Chiba plant in Niigata Prefecture, and has been ticipate in the Sarulla Geothermal Inde- confirmed along the coastline of Japan, Prefecture 0 100 km supplying electricity on a wholesale pendent Power Producer (IPP) Project but its extraction is technologically chal- basis to power producers and suppliers in Indonesia from June 2015. The proj- lenging. Experts have said that more (PPS) since May 2007. ect involves constructing a geothermal time is needed to develop economically power plant with a maximum capacity viable . Geothermal Development of 330 MW in the Sarulla Geothermal INPEX participates in research and Geothermal power is the generation Field located in North Sumatra Prov- survey activities as do related commit- of electricity with turbines powered ince, and providing generated power to tees led by the national government. by steam produced from the thermal Indonesia’s government-owned electric- Leveraging its technologies accumulated energy of magma underground. ity company over a period of 30 years. in upstream operations, INPEX has been Since 2011, INPEX and Idemitsu Construction of the power generation contributing to solving the technolog- Kosan Co., Ltd., have been jointly con- plant began in 2014. Energies are being ical challenges for extracting methane ducting geothermal surveys in the channeled toward the progressive start hydrate, especially in the field of subsea Amemasudake region of Hokkaido Pre- of commercial operations from 2016. production equipment. fecture and the Oyasu region of Akita

INPEX CORPORATION Annual Report 2015 037