Inpex

Last updated
INPEX Corporation
Native name
国際石油開発帝石株式会社
Romanized name
Kokusai Sekiyu Kaihatsu-Teiseki kabushiki gaisha
"International Petroleum Exploration-Teikoku Oil stock company"
Type Public KK
TYO: 1605
Nikkei 225 component
TOPIX Large70 component
Industry Petroleum
Founded1941 (as Teikoku Oil)
1966 (as North Sumatra Offshore Petroleum Exploration after contract with Pertamina predecessor)
Headquarters Akasaka Biz Tower 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 Japan
Key people
Kunihiko Matsuo, Chairman
Naoki Kuroda, President
RevenueIncrease2.svg ¥ 1,202.965 billion JPY (FY 2007)
Increase2.svg ¥ 173.245 billion JPY (FY 2007)
Owner Government of Japan through JOGMEC (18.96%)
Number of employees
2,146 (784 temporary workers) (2011)
Website www.inpex.co.jp

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]

Contents

Taking into account its scope 3 greenhouse gas emissions, meaning emissions caused by the public and other companies using its products to power the modern economy, Inpex has been one of the public companies with the most associated emissions. [4] [5] [6] However, the company says that it has taken steps to minimise the environmental impact of its operations. [7]

Public listing

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. [8] 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. [9] [10] [8] 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. [11] [12]

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. [13]

Staff

In the fiscal year 2011 the company had 2,146 staff, with 784 temporary employees. [15] 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. [16]

Projects

Operations in Japan

The main focus of the company's operations in Japan is the Minami-Nagaoka Gas Field in Niigata Prefecture. [15] INPEX also operates the Naoetsu LNG receiving terminal in Niigata and a natural gas pipeline network of approximately 1,500 km to connect to gas customers within Japan. [2]

Ichthys

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. [17]

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 200 km south-east of the Ichthys Field, which is approx. 440 km north of Broome and 800 km 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 (552 mi) pipeline from the lchthys Field to the LNG Plant, after regulatory delays in Western Australia. [18] [19]

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. [20]

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. [21]

Abadi

In November 2008, INPEX acquired a 100 per cent participating interest in the Masela Block in Indonesia. [22] 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. [23]

In 2017 the company is ready to start the Pre FEED phase and hold a joint workshop with SKK Migas. [24]

Eurasia region

INPEX is a minority shareholder in the Kashagan Field in Kazakhstan and the Azeri-Chirag-Guneshli project, offshore Azerbaijan in the Caspian Sea.

References and notes

  1. 1 2 The Japan Times Inpex fetches 549,000 yen in debut on first section November 18 2004 Retrieved on August 14, 2012
  2. 1 2 3 INPEX 2019 Annual Report
  3. "Forbes Global 2000" . Retrieved 31 October 2020.
  4. "CDP Carbon Majors Study Overview" . Retrieved 29 December 2020.
  5. "CDP Carbon Majors Report 2017" (PDF). Retrieved 29 December 2020.
  6. "Carbon Majors Dataset" . Retrieved 29 December 2020.
  7. "Environment". Inpex. Retrieved 31 December 2020.
  8. 1 2 Vivoda, Vlado. Energy Security in Japan: Challenges After Fukushima.
  9. INPEX website Company Overview June 26 2012 Retrieved on August 14, 2012
  10. The Japan Times Inpex books 25.76 billion yen profit August 10 2006 Retrieved on August 14, 2012 [ dead link ]
  11. INPEX website History - Inpex Corporation Retrieved on August 14, 2012
  12. INPEX website Message from the management October 2008 Retrieved on August 14, 2012
  13. 1 2 "History". INPEX CORPORATION. Retrieved 29 November 2019.
  14. Gas, Egypt Oil & (3 January 2012). "Transglobe Energy Corporation acquires West Bakr concession..." Egypt Oil & Gas. Retrieved 29 November 2019.
  15. 1 2 Inpex website NOTICE OF THE 6th ORDINARY GENERAL MEETING OF SHAREHOLDERS p.39 June 4 2012 Retrieved on August 17, 2012
  16. Inpex website Employee Development and Health Management Archived 2011-08-30 at the Wayback Machine Retrieved on August 17, 2012
  17. ABC Local News
  18. "Inpex chooses Darwin for LNG plant". LiveNews.com.au. 2008-09-26. Retrieved 2008-09-26.[ permanent dead link ]
  19. "Darwin chosen for $12b Inpex project". Australian Broadcasting Corporation. ABC News. 2008-09-26. Retrieved 2008-09-26.
  20. The Age 'Game changer' LNG project approved for Darwin January 13 2012
  21. "Hit the gas: Ichthys farewells first WA LNG shipment". 23 October 2018.
  22. "INPEX Asia & Oceania". INPEX Corporation. Retrieved 8 December 2011.
  23. "Partnering in the Abadi Project, the Masela Block, Arafura Sea, Indonesia" (PDF). INPEX Corporation. Retrieved 8 December 2011.
  24. "Inpex Asked to Accelerate Development of Masela Block". Lelemuku.com. Retrieved 22 June 2017.

Related Research Articles

Timor Sea Sea between Malay Archipelago and Australia

The Timor Sea is a relatively shallow sea bounded to the north by the island of Timor, to the east by the Arafura Sea, to the south by Australia.

Woodside Petroleum Ltd is an Australian petroleum exploration and production company. Woodside is the largest operator of oil and gas production in Australia and also Australia's largest independent dedicated oil and gas company. It is a public company listed on the Australian Securities Exchange and has its headquarters in Perth, Western Australia. In the 2020 Forbes Global 2000, Woodside Petroleum was ranked as the 1328th -largest public company in the world.

Shell Australia

Shell Australia is the Australian subsidiary of Royal Dutch 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.

Abu Dhabi National Oil Company State-owned oil company

The Abu Dhabi National Oil Company or ADNOC is the state-owned oil company of the United Arab Emirates (UAE). As of November 2019, the UAE holds the sixth-largest proven reserves of oil in the world at 105 billion barrels. Most of these reserves are located in Abu Dhabi. It is the world's 12th largest oil company by production, producing 3.1 million barrels per day, with plans to increase production capacity to 4 million bpd by the end of 2020. It is the UAE's largest oil company.

Qatar Petroleum

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. QP's President & CEO is Saad Sherida Al-Kaabi, Minister of State for Energy Affairs. QP'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.

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.

This page summarizes projects that propose to bring more than 20,000 barrels per day (3,200 m3/d) of new liquid fuel capacity to market with the first production of fuel beginning in 2014. This is part of the Wikipedia summary of Oil Megaprojects.

North West Shelf Venture

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.

Gorgon gas project

The Gorgon gas project is a multi-decade natural gas project in Western Australia, involving the development of the Greater Gorgon gas fields, subsea gas-gathering infrastructure, and a liquefied natural gas (LNG) plant on Barrow Island. The project also includes a domestic gas component. Construction was completed in 2017.

Petroleum industry in Western Australia

The petroleum industry in Western Australia is the largest contributor to Australia's production of most petroleum products.

JAPEX

Japan Petroleum Exploration Company Limited (JAPEX) 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.

China National Offshore Oil Corporation Chinese national oil company

China National Offshore Oil Corporation, or CNOOC Group, is one of the largest national oil companies in China. It is the third-largest national oil company in the People's Republic of China, after CNPC and China Petrochemical Corporation. The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China, along with its subsidiary COOEC.

Energy in Indonesia describes energy and electricity production, consumption, import and export in Indonesia. In 2009 Indonesia produced oil, coal, natural gas and palm oil, utilised also as energy raw material in 2010. Renewable energy potential in Indonesia is high: solar, wind, hydro and geothermal energy. Tropical rain forests and peat land areas have extensive coal storage. Indonesia is a geologically unstable country. According to IEA Indonesia was the 10th top natural gas producer in 2009: 76 billion cubics (bcm) 2.5% of world production of which 36 bcm was exported. In 2009 Indonesia was the 5th top coal producer: 263 million tonnes hard coal and 38 million tonnes brown. The majority of this, 230 Mt of hard coal, was exported. Indonesia has significant energy resources, starting with oil – it has 22 billion barrels of conventional oil and gas reserves, of which about 4 billion are recoverable. That's the equivalent of about 10 years of oil production and 50 years of gas. It has about 8 billion barrels of oil-equivalent of coal-based methane (CBM) resources. It has 28 billion tonnes of recoverable coal and has 28 gigawatts (GW) of geothermal potential.

A floating liquefied natural gas (FLNG) facility is a floating production storage and offloading unit that conducts liquefied natural gas (LNG) operations for developing offshore natural gas resources. Floating above an offshore natural gas field, the FLNG facility produces, liquefies, stores and transfers LNG at sea before carriers ship it directly to markets.

Ophir Energy

Ophir Energy plc was an oil and gas exploration and production company based in London. It owned both operating and non-operating assets in Africa, Asia, and Mexico.

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 offshore Western Australia and 820 km southwest of Darwin, with an average water depth of approximately 250 metres. 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.

GE Oil and Gas

GE Oil & Gas was the division of General Electric that owned its investments in the petroleum industry. In July 2017, this division was merged with Baker Hughes.

TechnipFMC plc is a French-American, UK-domiciled global oil and gas company that provides complete project life cycle services for the energy industry. It was ranked 23rd among world's Top 225 International Design Firms in the year 2017 by Engineering News-Record. The company was formed by the merger of FMC Technologies of the United States and Technip of France that was announced in 2016 and completed in 2017. TechnipFMC acts in three distinct segments: subsea, offshore/onshore, and surface projects. These projects include offshore oil and gas exploration and extraction platforms, rigs, crude oil refinery, petrochemical plants such as Ethylene, Hydrogen, SynGas plants, Naptha, Benzene etc. plastics & rubber industry, fertiliser plant, onshore as well as floating LNG plants. The company is legally domiciled in the UK, and has major operations in Houston and Paris where its predecessor companies were headquartered. It has about 23,000 employees from 126 nationalities and operates in 48 countries. TechnipFMC stock is listed on the NYSE and Euronext Paris exchange, and is a component of the CAC Next 20 and the Dow Jones Sustainability Index. The French government owns a 4 percent stake in the company.