DOCSLIB.ORG

Financial Results for the Three Months Ended June 30, 2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Results for the Three Months Ended June 30, 2021 [Explanatory Material] Financial Results for the Three Months Ended June 30, 2021 August 10, 2021 Japan Petroleum Exploration Co., Ltd. Note: This material is an English translation of the Japanese-language original Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. Contents Ⅰ. Financial Highlights Ⅱ. Financial Results for the Three Months Ended June 30, 2021 Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2022 Note) This material also serves as the presentation material for the financial results briefing for the institutional investors and analysts to be held on August 11, 2021. Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. 2 Ⅰ. Financial Highlights Ⅱ. Financial Results for the Three Months Ended June 30, 2021 Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2022 Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. 3 Financial Highlights ■ 1Q FY3/22 Results （Year-on-Year） (Billion Yen) FY3/21 1Q (a) FY3/22 1Q (a) Change Operating profit (5.2) 3.4 +8.6 - Ordinary profit (9.5) 10.4 +20.0 - Profit attributable to owners of parent (9.5) 7.1 +16.6 - • E&P business： Increase in profit of domestic sales and diluted bitumen sales due to a rise of crude oil prices • I/U Business： Increase in profit due to an increase of the sales volume of electricity by operating for the full reporting period in Fukushima Natural Gas Power Plant* and marginal gain on LNG procurement • Non-operating income： Increase in profit due to the recognition of foreign exchange gains and an increase in share of profit of entities accounted for using equity method ■ FY3/22 Forecast Revision （vs. May 13 Forecasts） (Billion Yen) May 13, 2021 (f) Aug 10, 2021 (f) Change Operating profit 8.2 11.8 +3.6 +45% Ordinary profit 15.7 26.1 ＋10.4 +66% Profit attributable to owners of parent (28.3) (114.0) (85.7) - • E&P business： Improvement in profit of domestic sales due to a rise in oil price assumption • I/U Business： Decrease in marginal gain on LNG procurement • Non-operating income： Increase in foreign exchange gains and share of profit of entities accounted for using equity method • Extraordinary losses： Recognition of losses on sale of subsidiary shares due to the exit from the oil sands project in Canada *Operated by Fukushima Gas Power Co., Ltd., which is invested by 5 companies as partners, including JAPEX Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. 4 Impacts of the decision on Canada 2 projects Impact on financial results (recording of extraordinary losses) Shale gas project in Canada - Sale of interest Oil sand project in Canada - Sale of subsidiary shares Subsidiary: JAPEX Montney Ltd.（JML） Subsidiary: Japan Canada Oil Sands Limited（JACOS） Accounts period (Billion yen) Accounts period (Billion yen) Approx. Loss on sale of Approx. Loss on sale of interest 2Q FY3/22 Consolidated * 2Q FY3/22 Consolidated 43.7 subsidiary shares 90.0 Provision for allowance Non- Loss on valuation of Non- Approx. for doubtful accounts of FY3/21 17.1 2Q FY3/22 consolidated subsidiary shares consolidated 80.0 subsidiaries Provision for loss on Non- Provision for loss on Non- Approx. FY3/21 22.8 2Q FY3/22 guarantees consolidated guarantees consolidated 10.0 *Approx. 497 million Canadian dollars, valued at the exchange rate as of June 30, 2021 ■ Impact on Consolidated B/S and Reserves/Production Volume ⁃ At the end of FY2022, the following balances related to consolidated subsidiaries JML and JACOS are expected to decrease, and the following effects on reserves and production are also expected to occur. Reference data: Ending balances or volumes as of March 2021 JML JACOS JML JACOS PP&E 54.2 bn. 121.2 bn. Net Proved Reserves 70 MMBOE 83 MMBOE Long-term borrowings 55.7 bn. 55.6 bn. Net Production Volume 9 MBOED 17 MBOED incl. current portion BOE: Barrels of oil equivalent / BOED: Barrels of oil equivalent per day （Reference Disclosures） • “Ending our Promotion of the Oil Sands Project in Canada, the Change in Subsidiary, the Recognition of Extraordinary Losses, and the Voluntary Return of Executive Compensation”, on July 29, 2021 • “Sale of Shale Gas Project Interest in Canada and Recording of Extraordinary Loss Related to the Project” on May 13, 2021 • “Notice Regarding Recording of Provision of Allowance for Doubtful Accounts in Extraordinary Loss in Non-consolidated Financial Results”, on March 10, 2021 Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. 5 Ⅰ. Financial Highlights Ⅱ. Financial Results for the Three Months Ended June 30, 2021 Ⅲ. Revised Financial Forecasts for the fiscal year ending March 31, 2022 Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. 6 E&P Business (Year-on-Year) 1Q FY3/21 (a) 1Q FY3/22 (a) Change Net sales：Million Yen Sales volume Net sales Sales volume Net sales Sales volume Net sales E&P Business - - 22,904 - 16,796 - - (6,108) (27%) Breakdown Crude oil 687 15,936 114 5,556 (572) (83%) (10,380) (65%) Crude oil - Japan 60 1,800 85 3,927 [1] +25 +42% +2,127 +118% Thousand KL Crude oil - Overseas*1 168 4,393 22 1,312 [2] (146) (87%) (3,081) (70%) Purchased crude oil 458 9,742 6 316 [3] (451) (99%) (9,426) (97%) *2 Diluted bitumen 410 6,258 351 10,058 (59) (14%) [4] +3,800 +61% Natural Gas - Overseas*3 Million M3 111 709 128 1,181 +16 +15% [5] +471 +66% Main factors for change [1] Increase in sales price and volume [2] Decrease in sales volume of crude oil from Garraf Oil Field in Iraq [3] Decrease in sales volume of purchased crude oil from SODECO due to application of the “Accounting Standard for Revenue Recognition [4] Increase in sales price of diluted bitumen from the Hangingstone Lease in Canada [5] Increase in sales price of shale gas in Canada *1 Include the amounts of 3 overseas subsidiaries (Japex Garraf Ltd., JAPEX Montney Ltd. and Japex (U.S.) Corp.) *2 Royalty is excluded in the net sales and price of diluted bitumen *3 Include the volume of 2 overseas subsidiaries (JAPEX Montney Ltd., and Japex (U.S.) Corp.) Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. 7 I/U Business Sales (Year-on-Year) 1Q FY3/21 (a) 1Q FY3/22 (a) Change Net sales：Million Yen Sales volume Net sales Sales volume Net sales Sales volume Net sales Infrastructure & Utility Business - - 20,997 - 23,009 - - +2,012 +10% Breakdown Natural Gas - Japan 248 12,798 233 10,709 [1] (15) (6%) (2,088) (16%) Million M3 - Produced in Japan 109 - 123 - +13 +13% - - Thousand LNG △0 (2%) +800 +22% Ton 53 3,597 52 4,397 Electricity Million kWh 448 3,493 765 7,163 [2] +316 +71% +3,670 +105% Other* - - 1,108 - 739 - - (369) (33%) Main factors for change [1] Decrease in sales volume and sales price [2] Increase in sales volume and price of electricity due to the Fukushima Natural Gas Power Plant operating for the full reporting period * Including net sales from commissioned regasification of LNG Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. 8 FY3/22 Results (Year-on-Year) Million Yen 1Q FY3/21 (a) 1Q FY3/22 (a) Change Net sales 51,018 50,083 (935) (2%) Gross profit 2,399 11,179 +8,779 +366% Operating profit (5,250) 3,400 +8,650 - Ordinary profit (9,575) 10,491 +20,066 - Profit attributable to owners of parent (9,536) 7,106 +16,642 - Oil Price, Exchange Rate and Sales Price 1Q FY3/21 (a) 1Q FY3/22 (a) Change WTI USD/bbl 45.10 58.10 +13.00 Crude oil price (CIF) USD/bbl 44.41 64.25 +19.84 Exchange rate JPY/USD 108.04 108.43 +0.39 ＊1 JACOS Diluted bitumen USD/bbl 22.30 40.99 +18.69 *2 JML Natural gas CAD/mcf 2.36 2.96 +0.60 *1 Diluted bitumen sales price of Japan Canada Oil Sands Ltd. (Excl. Royalty) *2 Natural gas sales price of JAPEX Montney Ltd. (Excl. Royalty) Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. 9 Operating Profit Result (Year-on-Year) (Billion Yen) E&P Business (5.2) OP total Overseas : + 3.3 bn. (4.3 bn.) → (1.0 bn.) 3.4 • Improvement in diluted bitumen sales due to a rise of crude oil prices (4.3) Domestic : + 1.5 bn. 2.3 bn. → 3.9 bn. E&P-Overseas • Increase in profit due to a rise of crude oil prices (1.0) 2.3 I/U Business E&P-Japan 3.9 +3.8 bn. (1.2 bn.) → 2.5 bn. • Increase in sales volume of electricity due to the Fukushima Natural Gas Power Plant operating for the full (1.2) I/U reporting period 2.5 • Increase in marginal gain on LNG procurement (2.0) Others (2.0) Others * （2.0 bn.) → (2.0 bn.） (8.0) (6.0) (4.0) (2.0) 0.0 2.0 4.0 6.0 ∗ Operating income (contracting, oil products and commodities, and others) not belonging to the above business units, less headquarters 1Q FY3/21 (a) 1Q FY3/22 (a) administrative expenses * The amounts in the operating income breakdown by business segment are the figures for the Group’s internal management Copyright © 2021 Japan Petroleum Exploration Co., Ltd. All rights reserved. 10 Net Income Result (Year-on-Year) (Billion Yen) JACOS +2.6 bn. JML +0.4 bn. Japex Garraf +0.2 bn. SODECO +1.3 bn. JML +6.1 bn.
Load more

Recommended publications
  • A Comparative History of Oil and Gas Markets and Prices: Is 2020 Just an Extreme Cyclical Event Or an Acceleration of the Energy Transition?
    April 2020 A Comparative History of Oil and Gas Markets and Prices: is 2020 just an extreme cyclical event or an acceleration of the energy transition? Introduction Natural gas markets have gone through an unprecedented transformation. Demand growth for this relatively clean, plentiful, versatile and now relatively cheap fuel has been increasing faster than for other fossil fuels.1 Historically a `poor relation’ of oil, gas is now taking centre stage. New markets, pricing mechanisms and benchmarks are being developed, and it is only natural to be curious about the direction these developments are taking. The oil industry has had a particularly rich and well recorded history, making it potentially useful for comparison. However, oil and gas are very different fuels and compete in different markets. Their paths of evolution will very much depend on what happens in the markets for energy sources with which they compete. Their history is rich with dominant companies, government intervention and cycles of boom and bust. A common denominator of virtually all energy industries is a tendency towards natural monopoly because they have characteristics that make such monopolies common. 2 Energy projects tend to require multibillion – often tens of billions of - investments with long gestation periods, with assets that can only be used for very specific purposes and usually, for very long-time periods. Natural monopolies are generally resolved either by new entrants breaking their integrated market structures or by government regulation. Historically, both have occurred in oil and gas markets.3 As we shall show, new entrants into the oil market in the 1960s led to increased supply at lower prices, and higher royalties, resulting in the collapse of control by the major oil companies.
    [Show full text]
  • Pursuing Sustainable Corporate Value Corporate Profile
    Annual Report 2012 for the year ended March 31, 2012 Pursuing Sustainable Corporate Value Corporate Profile Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC’s current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With a presence in approximately 90 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. About the Cover Message MC is currently working on its three-year Midterm Corporate Strategy 2012 that was launched in the year ended March 2011. When we devised this medium-term management plan we set out to create three forms of value: sustainable economic value, sustainable societal value and sustainable environmental value. Our overarching aim in doing so is to create sustainable corporate value. The cover theme for this year’s annual report—Pursuing Sustainable Corporate Value—expresses our strong determination to work as one company to achieve this aim. < Enhanced CSR & Environmental Affairs Content in < Inclusion in SRI Indexes > Annual Reports > MC has earned a solid reputation for its past CSR and envi- MC is aiming to create sustainable corporate value, which ronmental affairs initiatives, and transparency in the disclosure consists of economic value, along with societal value and of information. environmental value. Underscoring this is MC’s inclusion in various socially respon- Since Annual Report 2011, which was published in 2011, sible investment (SRI) indices.
    [Show full text]
  • Everything You Needed to Know About LNG … but Were Afraid to Ask
    Everything you needed to know about LNG … but were afraid to ask. – Part I James Ashworth Lead Consultant TRI-ZEN International Pte Ltd, Singapore Glasgow Technology and Innovation Centre (TIC). , 14-17 September 2015 Glasgow 2015 2 Glasgow – Global Capital of Irreverence www.tri-zen.com 3 Thailand LAND OF SMILES AND OPPORTUNITIES 4 Thailand A land where everybody is an expert in Stress Mechanics 5 Thailand A land where you can be run over by a shop. 6 Thailand A world leader in space technology LNG Bunkering Mediterranean Summit 8 Workshop Early Gas Carriers ss “Methane Princess” ss “Geomitra” Brunei, Lumut LNG Liquefaction Plant loading arm LNG Fuelled Shipping Outlook Glasgow 2015 11 Headlines LNG will become the dominant marine fuel globally by 2030 This will double LNG demand from ~300m mt to ~600m mt Only 20% of shipping can be converted to LNG 80% of shipping (1 bn dwt) needs to be scrapped and replaced Market drivers will prevail This will fill global shipyard capacity, create jobs and stimulate economic development Exhaust Gas Treatment solutions make sense in some cases, but are not a sustainable solution The global LNG Supply Chain needs to diversify Globally The USA is set to become the world’s biggest energy exporter by 2020 Saudi Arabia is set to become a net energy importer by 2030 Glasgow 2015 12 Global Outlook Global Outlook Economic Oil Market Gas Market Gas as LNG Current Issues www.tri-zen.com 13 Global Outlook Economic Outlook Uneven global recovery continues, and the growth forecast for the world economy has slowed to 3.3% for 2014.
    [Show full text]
  • A High-Value Market for Canadian Lng
    TITLE HEADING 20 JAPAN: A HIGH-VALUE MARKET FOR CANADIAN LNG OCTOBER 2014 JAPAN: A HIGH-VALUE MARKET FOR CANADIAN LNG TABLE OF CONTENTS 1 TABLE OF CONTENTS Executive Summary……………………………………………….....................................…...2 Introduction………………………………………………………………................................……4 LNG Demand in Japan……………………………………….………………..............................5 Effect of Reduced Nuclear Power Generation on LNG Demand…………..........5 Outlook for LNG Demand in Japan…………………….………………….......................8 Challenges for LNG Procurement in Japan…………………………….....................10 Canada’s Strengths and Weaknesses as a Potential LNG Exporter to Japan ....13 Canadian Natural Gas Resources and Proposed LNG Export Projects….......13 Canada’s Strengths as a Potential LNG Exporter to Japan………………...........13 Author: Ken Koyama, Managing Director and Chief Economist, The Institute of Canada’s Weaknesses as a Potential LNG Exporter to Japan…………….........15 Energy Economics, Japan Conclusion……………………………………………………………………................................17 References……………………………………………………………………................................18 Acknowledgements The Asia Pacific Foundation of Canada would like to thank Cenovus Energy, Husky Energy, Nexen, the Province of British Columbia, Shell Canada and Spectra Energy for their generous support of the Canada-Asia Energy Futures Project. We would also like to thank the participants of the Asia Pacific Foundation of Canada’s “Canada’s LNG Opportunity in Asia” workshop for their input into this paper. The views expressed here are those of the author, and do not necessarily represent the views of the Asia Pacific Foundation of Canada or The Institute of Energy Economics, Japan. 2 JAPAN: A HIGH-VALUE MARKET FOR CANADIAN LNG EXECUTIVE SUMMARY 3 EXECUTIVE SUMMARY The following are important issues that Canadian investors, project proponents, and governments should bear in mind regarding Canada’s prospective LNG exports to Japan: Japan is highly dependent on fossil fuel imports to meet its energy needs.
    [Show full text]
  • Inter-Comparison of the Long-Run Coefficients Between the Both Prices of LNG and Crude Oil of Japan, EU and USA
    Journal of the Japan Institute of Energy, 87J., 139-145Jpn. Inst. (2008) Energy, Vol. 87, No. 2, 2008 139 Technical Paper Inter-Comparison of the Long-Run Coefficients between the Both Prices of LNG and Crude Oil of Japan, EU and USA Qi ZHANG, Hidekazu YOSHIKAWA, Hirotake ISHII, and Hiroshi SHIMODA (Received August 8, 2007) The quantitative co-relationships between the time series of Liquid Natural Gas (LNG) CIF (Cost, Insur- ance and Freight) prices and those of crude oil prices were estimated for Japan, EU and USA based on the monthly price data in the time period from early of 1998 to 2006 of the three regional markets. Since both prices of LNG CIF and crude oil appear to be non-stationary, the cointegration and the Error Correction Model (ECM) techniques were applied to obtain the long-run elasticity coefficients between both prices of LNG CIF and crude oil for these three markets. The obtained results suggest that 100 percent changes of the crude oil prices of Japan, EU and USA have 49 percent, 76 percent and 96 percent impacts on the respective LNG CIF prices in a long term when the crude oil price in a relative high era. The obtained long-run elasticity coefficients can be used to explain the different price changes of LNG CIF in each market with responding to dramatically changing high crude oil price in recent years. Key Words LNG CIF price, Crude oil price, Cointegration, Elasticity coefficient 1. Introduction energy issues in recent years. Since natural gas burns more cleanly with fewer emis- The natural gas is considered as a substitute for the oil sions of sulfur, carbon, and nitrogen against coal or oil and in many fields and consequently the LNG transaction price it has almost no ash particles left after burning, the demand and crude oil transaction price are considered to be inter- of natural gas, especially for electricity generation, has related with each other.
    [Show full text]
  • Water and Hydraulic Fracturing Where Knowledge Can Best Support Decisions in Canada Contents
    2015 WATER AND HYDRAULIC FRACTURING Where knowledge can best support decisions in Canada contents ACKNOWLEDGEMENTS 3 PREFACE 6 EXECUTIVE SUMMARY 8 INTRODUCTION 14 Section One l THE CANADIAN CONTEXT: A VARIED Landscape 19 for Hydraulic Fracturing Section Two l DECIDING WHERE AND WHEN 26 Hydraulic Fracturing MAKES SENSE 2.1 Understanding Net Social and Economic Costs and Benefits 26 of Hydraulic Fracturing 2.2 Water Use Issues Associated with Hydraulic Fracturing 29 2.3 Understanding Human Health Risks 33 and Contamination Concerns Section Three l Informing Best Practices AND Regulations 37 3.1 Baseline Data Needs 37 3.2 Cumulative Effects and Monitoring,Assessment 40 and Management 3.3 Information Availability and Disclosure Needs to Support 43 Knowledge Generation, Best Practices and Regulations 3.4 Managing Risks to Groundwater and Subsurface Impacts 46 3.5 Managing Wastewater 50 Section Four l ACHIEVING Constructive AND 53 EFFECTIVE Engagement CONCLUSION 57 REFERENCES 59 APPENDIX A Provincial AND Territorial Policy development 61 FOR Hydraulic Fracturing IN Canada 2 l Canadian Water Network 2015 WATER AND HYDRAULIC FRACTURING REPORT acknowledgements Canadian Water Network (CWN) would like to acknowledge the many reviewers of this report. We thank you for your support and insight during the development, writing and review process, and for your efforts to ensure the report reflects the priority knowledge needs of government and industry. We would also like to recognize the expertise and significant contribution of the five project teams involved in CWN’s hydraulic fracturing research program: Development of a water safety framework for watershed and water demand governance and management approaches related to hydraulic fracturing Lead Researcher: Graham Gagnon, PhD, Professor, Dalhousie University • Lindsay Anderson, MASc, EIT, Dalhousie University • Elliot Corston-Pine, BAT, University of Guelph • Wendy H., Krkošek, PhD, P.Eng, Dalhousie University • Karl G.
    [Show full text]
  • The Geopolitics of Natural Gas Natural Gas in India: Difficult Decisions
    The Geopolitics of Natural Gas Natural Gas in India: Difficult Decisions Harvard University’s Belfer Center and Rice University’s Baker Institute Center for Energy Studies October 2013 JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY NATURAL GAS IN INDIA: DIFFICULT DECISIONS BY CHARLES EBINGER, PH.D. SENIOR FELLOW DIRECTOR, ENERGY SECURITY INITIATIVE BROOKINGS INSTITUTION AND GOVINDA AVASARALA SENIOR RESEARCH ASSISTANT ENERGY SECURITY INITIATIVE BROOKINGS INSTITUTION OCTOBER 23, 2013 Natural Gas in India: Difficult Decisions THESE PAPERS WERE WRITTEN BY A RESEARCHER (OR RESEARCHERS) WHO PARTICIPATED IN A BAKER INSTITUTE RESEARCH PROJECT. WHEREVER FEASIBLE, THESE PAPERS ARE REVIEWED BY OUTSIDE EXPERTS BEFORE THEY ARE RELEASED. HOWEVER, THE RESEARCH AND VIEWS EXPRESSED IN THESE PAPERS ARE THOSE OF THE INDIVIDUAL RESEARCHER(S), AND DO NOT NECESSARILY REPRESENT THE VIEWS OF THE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY. © 2013 BY THE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY OF RICE UNIVERSITY THIS MATERIAL MAY BE QUOTED OR REPRODUCED WITHOUT PRIOR PERMISSION, PROVIDED APPROPRIATE CREDIT IS GIVEN TO THE AUTHOR AND THE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY. 2 Natural Gas in India: Difficult Decisions Acknowledgments The Center for Energy Studies of Rice University’s Baker Institute would like to thank ConocoPhillips and the sponsors of the Baker Institute Center for Energy Studies for their generous support of this program. The Center for Energy Studies further acknowledges the contributions by study researchers and writers. Energy Forum Members Advisory Board Associate Members Accenture Direct Energy The Honorable & Mrs. Hushang Ansary Hess Corporation Baker Botts L.L.P.
    [Show full text]
  • Toshiyuki Hirata
    Ch F-X ang PD e 1 w Click to buy NOW! w m o w c .d k. ocu-trac TOSHIYUKI HIRATA Date and place of birth (if available): Kagoshima, Japan in January 5, 1958 Date and place of interview: October 24th, 2012 at the Japan Canada Oil Sands Limited Offices in Downtown, Calgary. Name of interviewer: Peter McKenzie-Brown Name of videographer: Peter Tombrowski Full names (spelled out) of all others present: N/A Consent form signed: Yes Transcript reviewed by subject: Interview Duration: 1 hour and 3 minutes Initials of Interviewer: PMB Last name of subject: HIRATA PMB: It is October 24th, 2012. I am meeting with Toshi Hirata who is the President of Japan Canada Oil Sands Limited which is also called JACOS. We are meeting in the JACOS offices in downtown Calgary. Thank you for agreeing to meet with us today. HIRATA: You are welcome. PMB: You have been and this has been a great surprise to me, that your company became a partner involved in the oil sands back in the 1970s, ’78 or something like that. No other country outside of North America and Europe showed any interest in the oil sands that long ago. Can you tell me a little bit about that, please? HIRATA: Okay. It started with oil shock in 1973. As you know, the oil price suddenly increased probably three or four times at that time because OPEC countries, they stopped exporting oil to the world. PMB: This was because of the Oil Embargo related to the Israeli/Arab War? HIRATA: Arab, yes.
    [Show full text]
  • The Asian Quest for LNG in a Globalising Market
    Secure Sustainable Together PARTNER COUNTRY SERIES The Asian Quest for LNG in a Globalising Market Secure Sustainable Together PARTNER COUNTRY SERIES The Asian Quest for LNG in a Globalising Market Anne-Sophie CORBEAU, Anne BRAAKSMA, Farid HUSSIN, Yayoi YAGOTO and Takuro YAMAMOTO INTERNATIONAL ENERGY AGENCY The International Energy Agency (IEA), an autonomous agency, was established in November 1974. Its primary mandate was – and is – two-fold: to promote energy security amongst its member countries through collective response to physical disruptions in oil supply, and provide authoritative research and analysis on ways to ensure reliable, affordable and clean energy for its 29 member countries and beyond. The IEA carries out a comprehensive programme of energy co-operation among its member countries, each of which is obliged to hold oil stocks equivalent to 90 days of its net imports. The Agency’s aims include the following objectives: n Secure member countries’ access to reliable and ample supplies of all forms of energy; in particular, through maintaining effective emergency response capabilities in case of oil supply disruptions. n Promote sustainable energy policies that spur economic growth and environmental protection in a global context – particularly in terms of reducing greenhouse-gas emissions that contribute to climate change. n Improve transparency of international markets through collection and analysis of energy data. n Support global collaboration on energy technology to secure future energy supplies and mitigate their environmental impact, including through improved energy efficiency and development and deployment of low-carbon technologies. n Find solutions to global energy challenges through engagement and dialogue with non-member countries, industry, international organisations and other stakeholders.
    [Show full text]
  • China, Japan, and Indonesia's LNG Ploys
    Volume 7 | Issue 5 | Number 2 | Article ID 3029 | Jan 28, 2009 The Asia-Pacific Journal | Japan Focus China, Japan, and Indonesia's LNG Ploys David Adam Stott China, Japan and Indonesia’s LNG Ploys increasingly seller’s market. At the same time, Jakarta has been attempting to renegotiate a David Adam Stott long-term LNG contract with China to more closely reflect the terms it agreed to with Japan Introduction and South Korea. This renegotiation process has travelled all the way up to presidential level 2008 was a rollercoaster year for those in the and might yet hurt the increasingly close links oil and gas industries. In July crude oil prices between Beijing and Jakarta. However, the hit US$147 a barrel in the wake of attacks on Nigerian oil installations, before receding to recent fall in oil and gas prices casts a large under US$40 in December after months of shadow over these delicate talks and ensures economic decline in most major consuming their outcome will be even more uncertain. At countries. Weaker economies and record high present it appears that Indonesia’s resolve to prices have seemingly reduced worldwide renegotiate prices with China might have come demand and burst the speculative bubble in too late, given that deliveries are scheduled to commodity prices. For those in government and start in the spring of 2009. business tasked with strategic planning such pricing movements make their jobs extremely This article will outline recent developments in challenging. Indeed, despite extensive research Indonesia’s LNG export relationship with both by the World Bank, analysts remain unsure if Japan and China.
    [Show full text]
  • Presentation of Consolidated Financial Results Ended March 31, 2010
    Actual Results Note: The following report is an English translation of the Japanese-language original. Presentation of Consolidated Financial Results Ended March 31, 2010 May 17, 2010 Japan Petroleum Exploration Co., Ltd. 1 copyright© JAPAN PETROLEUM EXPLORATION Co.,LTD. All rights reserved. Cautionary Statement Any information contained herein with respect to JAPEX’s plans, estimates, strategies and other statements that are not historical facts are forward-looking statements about the future performance of JAPEX. Readers should be aware that actual results and events may differ substantially from these projections due to various factors. The provision of this document should not be construed as a solicitation for investment. Copyright: All information contained herein is protected by copyright, and may not be copied or reproduced without the prior consent of JAPEX. Note: The following abbreviations are used within this document: 1H = First half (1Q-2Q) 2H = Second half (3Q-4Q) (a) = Actual result (e) = Estimate Any inquiries about the information contained herein or other Investor Relations questions should be directed to: Investor Relations Group, Media & Investor Relations Department, Japan Petroleum Exploration Co., Ltd. TEL: +81-3-6268-7111 2 Contents 1.1. Business Overview and Follow-up of Mid-Term Business Plan 2.2. Consolidated Financial Results for the Fiscal Year Ended March 31, 2010 3.3. Forecasts for the Fiscal Year Ending March 31, 2011 3 Business Overview and Follow-up of Mid-Term Business Plan President Osamu Watanabe
    [Show full text]
  • [Presentation] Presentation of Consolidated Financial Results For
    Note: The following report is an English translation of the Japanese-language original. PresentationPresentation ofof ConsolidatedConsolidated ffinancialinancial rresultsesults forfor eendednded MarMarchch 3311,, 20120111 MayMay 1616 ,, 20112011 Japan Petroleum Exploration Co., Ltd. copyright©2011 JAPAN PETROLEUM EXPLORATION Co.,LTD. All rights reserved. Cautionary statement Any information contained herein with respect to JAPEX’s plans, estimates, strategies and other statements that are not historical facts are forward-looking statements about the future performance of JAPEX. Readers should be aware that actual results and events may differ substantially from these projections due to various factors. The provision of this document should not be construed as a solicitation for investment. Copyright : All information contained herein is protected by copyright, and may not be copied or reproduced without the prior consent of JAPEX. Note: The following abbreviations are used within this document: 1H = First half (1Q-2Q) 2H = Second half (3Q-4Q) (a) = Actual result (e) = Estimate Any inquiries about the information contained herein or other Investor Relations questions should be directed to: Investor Relations Group, Media & Investor Relations Department, Japan Petroleum Exploration Co., Ltd. TEL: +81-3-6268-7111 2 ContentsContents １．１．BusinessBusiness OverviewOverview ２．２．ActualActual resultsresults forfor FY2011FY2011 ３．３．EstimateEstimatess forfor FY2012FY2012 ４．４．NewNew MMeeddiumium--ttermerm BusinessBusiness PlanPlan （（ FYFY20120122
    [Show full text]