INPEX Corporation is a Japanese oil company established in February 1966 as North Sumatra Offshore Petroleum Exploration Co., Ltd.[1] INPEX is the largest oil and gas exploration and production company in Japan, with global exploration, development and production projects in 20 countries.[2] In the 2020 Forbes Global 2000, INPEX was ranked as the 597th -largest public company in the world.[3]
INPEX was listed on the first section of the Tokyo Stock Exchange on November 17, 2004 when the indebted Japan National Oil Corporation (JNOC), now part of the Japan Oil, Gas and Metals National Corporation which owned a 53.96% stake in INPEX, put up for sale 343,725 shares (17.9 percent of INPEX's 1.92 million outstanding shares). At the time, 18.9 percent of the company was owned by METI.[4] It was the second of JNOC's subsidiaries to go public, after the Japan Petroleum Exploration Company in December 2003.[1]
Merger
As a result of a government-orchestrated merger, INPEX Corporation and Teikoku Oil agree to form INPEX Holdings on April 3, 2006.[5][6][4] On October 1, 2008, the merger was completed with Inpex Corporation being formed from INPEX Holdings, INPEX, and Teikoku Oil, and the headquarters were moved to Akasaka, Tokyo.[7][8]
The Mahakam Bloc, the original INPEX's first site, was nationalized by the Government of Indonesia in 2018, and is currently operated by Pertamina.
Teikoku Oil
Teikoku Oil Company Ltd was founded as a semi-governmental company to unify the existing Japanese oil exploration companies in 1941.[9]
1950 Commerced development at Yabase oil field, Akita, Japan
1959 Kubiki oil and gas field commenced production
1980 West Bakr block of Egypt commenced production (sold in 2012 after cumulative production of approximately 50 million barrels of oil)[10]
Staff
In the fiscal year 2011 the company had 2,146 staff, with 784 temporary employees.[11] As at 31 December 2019, INPEX had 3,117 employees on a consolidated basis.[2]
As of March 31, 2010, the INPEX Labor Union has 1,030 members. The company has a labor-management council and regular meetings are held.[12]
Projects
Operations in Japan
The main focus of the company's operations in Japan is the Minami-Nagaoka Gas Field in Niigata Prefecture.[11] INPEX also operates the Naoetsu LNG receiving terminal in Niigata and a natural gas pipeline network of approximately 1,500km to connect to gas customers within Japan.[2]
INPEX created a venture company called INPEX Browse, Ltd on 1 September 1998. This was for a previously wholly owned INPEX project in the offshore Basin off the north west coast of Western Australia where a gas-field was discovered in the WA-285-P permit area. The official name of the proposed development project was to be the Ichthys (gas-field) Development, which the company wanted to base on the Maret Islands. After farming out 24% of the permit ownership to Total S.A.'s subsidiary Total E&P Australia the concept and location was changed.
The location of this project, and the issue of industrialising the Kimberley coast was under discussion in Australia at the time. Environmentalists and local ecotourism operators ware concerned about industrial infrastructure destroying the pristine nature of this coast line.[13]
The original project consisted of an offshore Central Processing Facilities (CPF), supplying two phase gas to an onshore facility on the Maret Islands. The facilities on the Maret Islands were to include gas receiving, LNG process plant (2 x 3.8Mtpa trains), product storage and export facilities. The Maret Islands are located approximately 200km south-east of the Ichthys Field, which is approx. 440km north of Broome and 800km south west of Darwin.
The project for the LNG plant to be located on the isolated Maret Islands was scrapped with the LNG Plant now to be built at Bladin Point industrial site which is located on the Middle Arm Peninsula in Darwin, Northern Territory, with a 889 kilometres (552mi) pipeline from the lchthys Field to the LNG Plant, after regulatory delays in Western Australia.[14][15]
The Ichthys Project's Front-End Engineering Design (FEED) was completed in April 2011. Final Investment Decision (FID) was announced on 13 January 2012.
In January 2012 INPEX said the 8.4 million tonne per annum (mtpa) project near Darwin will cost about $34 billion, some 60 per cent more than INPEX's original estimate of $20 billion. INPEX said it and French energy company Total, its joint venture partner, had given the final approval to the project. Total had expressed interest in increasing its stake in the project from 24% to 30%, and negotiations between the two companies were underway.
The project was estimated to contribute $3.5 billion into the Australian economy each year, and require around 2,700 workers during peak construction, and another 300 jobs ongoing once it is operational.[16]
The EPC early works phase, such as commencement of site development, infrastructure works and accommodation village and dredging began in 2012. LNG Production in the magnitude of app. 8.4mtpa is projected to be online by fourth quarter of 2016. The first shipment from the Ichthys LNG plant was made in October 2018.[17]
Abadi
In November 2008, INPEX acquired a 100 per cent participating interest in the Masela Block in Indonesia.[18] Gas was discovered in 2000 when the Abadi-1 exploratory well was drilled. This marked the first discovery of crude oil and natural gas in the Arafura Sea in Tanimbar, Mollucas, Indonesia.
A development plan was submitted to the Indonesian government and subsequently approved. Preparatory measures for Front-End Engineering Design, set to begin in the first half of 2012, are currently in process.[19]
In 2017 the company is ready to start the Pre FEED phase and hold a joint workshop with SKK Migas.[20]
The Tanimbar Islands, also called Timur Laut, are a group of about 65 islands in the Maluku province of Indonesia. The largest and most central of the islands is Yamdena; others include Selaru to the southwest of Yamdena, Larat and Fordata to the northeast, Maru and Molu to the north, and Seira, Wuliaru, Selu, Wotap and Makasar to the west. The Indonesian phrase timur laut means "east of the sea" or "northeast".
The Timor Sea is a relatively shallow sea in the Indian Ocean bounded to the north by the island of Timor with Timor-Leste to the north, Indonesia to the northwest, Arafura Sea to the east, and to the south by Australia. The Sunda Trench marks the deepest point of the Timor Sea with a depth of more than 3300 metres, separating the continents of Oceania in the southeast and Asia to the northwest and north. The Timor sea is prone to earthquakes and tsunamis north of the Sunda Trench, due to its location on the Ring of Fire as well as volcanic activity and can experience major cyclones, due to the proximity from the Equator.
Santos Ltd. is an Australian oil and gas exploration and production company, with its headquarters in Adelaide, South Australia. It owns liquefied natural gas (LNG), pipeline gas, and oil assets. It is the biggest supplier of natural gas in Australia, with its plants in the Cooper Basin in South Australia and South West Queensland supplying the eastern states of Australia. Its operations also extend to the seas off Western Australia and Northern Territory.
China Petroleum & Chemical Corporation (中国石油化工股份有限公司), or Sinopec, is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai.
The China National Petroleum Corporation (CNPC) is a major national oil and gas corporation of China and one of the largest integrated energy groups in the world. Its headquarters are in Dongcheng District, Beijing. CNPC was ranked fourth in 2022 Fortune Global 500, a global ranking of the largest corporations by revenue.
Eni S.p.A. is an Italian multinational energy company headquartered in Rome. One of the "supermajor" oil companies in the world, with a market capitalization of €48 billion, as of 31 December 2022. The Italian government owns a 30.33% golden share in the company, 4.37% held through the Ministry of Economy and Finance and 25.96% through the Cassa Depositi e Prestiti. The company is a component of the Euro Stoxx 50 stock market index.
Shell Australia is the Australian subsidiary of Shell. Shell has operated in Australia since 1901, initially delivering bulk fuel into Australia, then establishing storage and distribution terminals, oil refineries, and a network of service stations. It extended its Australian activities to oil exploration, petrochemicals and coal mining, and became a leading partner in Australia's largest resource development project, the North West Shelf Venture.
The South Pars/North Dome field is a natural-gas condensate field located in the Persian Gulf. It is by far the world's largest natural gas field, with ownership of the field shared between Iran and Qatar. According to the International Energy Agency (IEA), the field holds an estimated 1,800 trillion cubic feet of in-situ natural gas and some 50 billion barrels of natural gas condensates. On the list of natural gas fields it has almost as much recoverable reserves as all the other fields combined. It has significant geostrategic influence.
QatarEnergy, formerly Qatar Petroleum (QP), is a state owned petroleum company of Qatar. The company operates all oil and gas activities in Qatar, including exploration, production, refining, transport, and storage. The President & CEO is Saad Sherida al-Kaabi, Minister of State for Energy Affairs. The company's operations are directly linked with state planning agencies, regulatory authorities, and policy making bodies. Together, revenues from oil and natural gas amount to 60% of the country's GDP. As of 2018 it was the third largest oil company in the world by oil and gas reserves. In 2022, the company had total revenues of US$52bn, a net income of US42.4bn, and total assets of US$162bn. In 2021, QatarEnergy was the fifth largest gas company in the world.
Saipem S.p.A. is an Italian multinational oilfield services company and one of the largest in the world. Until 2016 it was a subsidiary of Italian oil and gas supermajor Eni, which retains approximately 30% of Saipem's shares.
Howard Springs is a locality in the Northern Territory. It is 29 kilometres (18 mi) SE of the Darwin CBD. Its local government area is the Litchfield Municipality. The suburb is mostly a rural area, but has been experiencing strong growth in population and development. From 2020, it has housed a major quarantine facility.
The North West Shelf Venture, situated in the north-west of Western Australia, is Australia's largest resource development project. It involves the extraction of petroleum at offshore production platforms, onshore processing and export of liquefied natural gas, and production of natural gas for industrial, commercial and domestic use within the state.
The petroleum industry in Western Australia is the largest contributor to the country's petroleum exports. Western Australia's North West Shelf (NWS) is the primary location from which production originates. Oil exports are shipped from Port Hedland.
The natural gas in Qatar covers a large portion of the world supply of natural gas. According to the Oil & Gas Journal, as of January 1, 2011, reserves of natural gas in Qatar were measured at approximately 896 trillion cubic feet ; this measurement means that the state contains 14% of all known natural-gas reserves, as the world's third-largest reserves, behind Russia and Iran. The majority of Qatar's natural gas is located in the massive offshore North Field, which spans an area roughly equivalent to Qatar itself. A part of the world's largest non-associated, natural-gas field, the North Field, is a geological extension of Iran's South Pars / North Dome Gas-Condensate field, which holds an additional 450 trillion cubic feet of recoverable natural-gas reserves.
Japan Petroleum Exploration Company Limited (JAPEX) (石油資源開発株式会社, Sekiyu Shigen Kaihatsu Kabushiki-Kaisha) is a hydrocarbon exploration, production, and transportation company. JAPEX explores and produces crude oil, natural gas, and liquefied natural gas reserves worldwide. JAPEX has proven reserves of 272 million barrels in Japan and the rest of the world. Aside from operations in Hokkaido, Akita, Yamagata and Niigata in Japan, JAPEX has major operations in Canada, Indonesia and Libya. Although currently a private company, the Government of Japan owns a 34% stake in JAPEX.
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The Ichthys gas field is a natural gas field located in the Timor Sea, off the northwestern coast of Australia. The field is located 220 km (140 mi) offshore Western Australia and 820 km (510 mi) southwest of Darwin, with an average water depth of approximately 250 m (820 ft). It was discovered in 2000 and developed by Inpex in partnership with Total, Tokyo Gas, Osaka Gas, Chubu Electric Power, Toho Gas, Kansai Electric Power and CPC.
Toll Resources & Government Logistics (TRGL) is a division of the Toll Group. Predominantly, the division offers integrated logistics solutions to the oil and gas, mining, chemicals and coal industries in over 10 countries.
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