Japan Petroleum Exploration (JAPEX) has presented its JAPEX Management Plan 2026-2035, announcing that it intends to quadruple its oil and gas output between 2025 and 2035 (“JAPEX Management Plan 2026–2035”, 22/04/2026). The company aims to increase oil and gas output to 180,000 boe/d by 2035, up from a current 45,000 boe/d, and to store 1.5–2 MtCO2/year by 2031, targeting a cumulative total of 8 MtCO2/year or more by 2035.
Growth investments are expected to increase from JPY514.3bn (USD3.2bn) over the 2022-2025 period (around JPY129bn/year, i.e. USD805m/year) to JPY1,500bn (USD9.4bn) over the 2026-2035 period (JPY150bn/year or over USD930m/year). Between 2026 and 2035, JAPEX will invest JPY1,160bn (USD7.3bn) in exploration and production (95% of which overseas), JPY300bn (USD1.9bn) in carbon neutral businesses (CCUS and low-carbon operations), and JPY40bn (USD250m) in Infrastructure & Utility (I/U) (gas and electricity/renewables). The group will focus its E&P overseas investments on the United States, Norway and Southeast Asia, with a particular focus on Indonesia.
This announcement follows the recent acquisition (February 2026) of the US company Verdad Resources Intermediate Holdings for USD1.3bn. The deal has provided the Japanese company with an additional production of approximately 35 boe/d (Upstream, 06/03/2026).
In parallel, Japex aims to raise its net profit to JPY100bn (USD626m) by fiscal 2035, from JPY45bn (USD282m) in fiscal 2025.