Management Plan

Based on the "JAPEX Management Plan 2022-2030" formulated in March 2022, JAPEX has been working to strengthen profitability and to build a business foundation with a view to growth 2030 and beyond. As a result, JAPEX has achieved certain results, such as increased profits from continuous investment in U.S. tight oil development and an achievement of profit targets for non-E&P^（*1） field with the progress of building assets such as renewable energy and overseas LNG supply infrastructure. However, from the perspective of building business assets that contribute to sustainable growth, the goal has not been fully achieved.

Meanwhile, in the global energy landscape, while decarbonization targets remain in place, the importance of stable supply of energy is being reaffirmed, and a more realistic transition is being sought. Furthermore, capital markets are placing even stronger demands on "management that is mindful of the cost of capital."

In light of our current situation and changes in the external environment, JAPEX has determined that a new management plan is essential to build a resilient portfolio and strengthen our execution capabilities.

• "JAPEX Management Plan 2026-2035" Presentation (Formulated on April 22, 2026: 2.25MB)

Basic Policy and Management Plan Targets

Basic Policy

• A period from FY 2026 to FY 2030 is considered as a phase for building "core assets" by focusing on overseas E&P and CCUS^（*2）
• A period from FY 2031 to FY 2035 is regarded as a phase when revenue contributions from the "core assets" will begin in full-scale
• JAPEX will pursue overseas E&P and CCUS as core revenue drivers and will work on these initiatives - strengthening human capital, transforming organizational culture, and digital transformation - as part of corporate transformation efforts, by which support aforesaid objects.

Management Plan Targets

Growth investments

• • A cumulative total of 900 billion yen over the 6-year period from FY2026 to FY2031
  • A cumulative total of 1.5 trillion yen over the 10-year period from FY2026 to FY2035

Production volume^（*3）

• • 100,000 boe/d as of FY2031
  • 180,000 boe/d as of FY2035

CO2 storage volume

• • A cumulative total of at least 8 million tons as of FY2035
    

Profit attributable to owners of parent 

• • 75 billion yen as of FY2031
  • 100 billion yen as of FY2035

ROE

• • 10% or more as of FY2031
  • 12% or more as of FY2035

Business Strategy by Business Area

United States

Promoting early monetization while serving as a capability building hub

• • Expand the earnings power through the assets held by Verdad (acquired in February 2026)
  • Gaining technical and operational insights from our partners who are well-versed in the tight oil and gas business

South East Asia

Building a stable future revenue stream

• • Leverage our sophisticated homegrown technologies to pursue business development
  • Establish a presence in the fields of E&P and CCUS
  • Explore and develop natural gas for 2035 and beyond

Norway

A diversified portfolio that generates stable earnings

• • Build a portfolio by taking advantage of the local investment tax regime
  • Promote exploration by further enhancing our technologies

Japan

Fostering technologies and talent

• • Support earnings with existing assets
  • Promote the advanced CCS projects
  • Engage in offshore exploration and development of oil and natural gas
    

Reference: Past Business Plans

• Disclosure on March 28, 2022 "JAPEX Management Plan 2022-2030" Presentation" (1.6MB)
• Disclosure on May 11, 2018 "Long-term Vision and Mid-term Business Plan of JAPEX" (2.9MB)
• Disclosure on May 12, 2015 "Long Term Business Vision and Medium-Term Business Plan of the JAPEX Group" (3.2MB)
• Disclosure on May 13, 2011 "Notice of the Medium-Term Business Plan of the JAPEX Group" (738.3KB)
• Disclosure on May 21, 2008 "JAPEX Group Mid-term Business Plan" (55.7KB)