JAPEX knows that securing reserves and generating earnings overseas are important themes for establishing a stable operating base over the long term. Based on this thinking, JAPEX is continuing to boost operating efficiency and identify new projects in Southeast Asia, the Middle East, North Africa, Canada and other regions it has identified as target areas. JAPEX is adopting two approaches. One is to acquire rights to oil and gas fields that are already onstream or that have been discovered but not yet developed, which offer relatively low risk and early returns. The other is to acquire exploration rights that are expected to deliver relatively high returns.