Oil and Gas Reserves and Production Volume

1. OIL AND GAS RESERVES
Proved reserves
The following tables list the proved reser ves of crude oil,c o n d e n s a te, L P G a n d n a t u r a l g a s of o u r c o m p a ny, o u r
consolidated subsidiaries and equity-method afﬁliates on main
projec ts. Disclosure details applicable to proved reser ves
are presented in accordance with the rules and regulations
stipulated by the U.S. Financial Accounting Standards Board,Japan
Crude oil(MMbbl)Gas(Bcf)

Proved developed and undeveloped reserves
INPEX CORPORATION and Consolidated Subsidiaries
As of March 31, 201115
611
Extensions and discoveries——
Acquisitions and sales——
Revisions of previous estimates
2
87Interim production(1)(47)
As of March 31, 201216651
Equity-method afﬁliates
As of March 31, 2011——
Extensions and discoveries——
Acquisitions and sales——
Revisions of previous estimates——Interim production——
As of March 31, 2012——
Proved developed and undeveloped reserves
As of March 31, 2012
16651
INPEX CORPORATION and Consolidated Subsidiaries
As of March 31, 2012
16
651
Extensions and discoveries——
Acquisitions and sales——
Revisions of previous estimates
07Interim production(1)(49)
As of March 31, 201315609
Equity-method afﬁliates——
As of March 31, 2012
Extensions and discoveries——
Acquisitions and sales——
Revisions of previous estimates——Interim production——
As of March 31, 2013——
Proved developed and undeveloped reserves
15609
As of March 31, 2013
Proved developed reserves
INPEX CORPORATION and Consolidated Subsidiaries
15609
As of March 31, 2013
Equity-method afﬁliates——
As of March 31, 2013
Proved undeveloped reserves
INPEX CORPORATION and Consolidated Subsidiaries
As of March 31, 2013——
Equity-method afﬁliates——
As of March 31, 2013

Asia & Oceania

and are reported in accordance with the Accounting Standard
Codiﬁcation Topic 932 “Extractive activities —Oil and Gas.”
Our proved reser ves as of March 31, 2013 were 929.38
million barrels for crude oil, condensate and LPG, 6,768.5 billionsof cubic feet for natural gas and 2,188.43 million boe in total.
Eurasia(Europe & NIS)

Middle East &AfricaAmericas

Total

Crude oil(MMbbl)Gas(Bcf)

Crude oil(MMbbl)Gas(Bcf)

Crude oil(MMbbl)Gas(Bcf)

Crude oil(MMbbl)Gas(Bcf)

Crude oil(MMbbl)

Gas
(Bcf)

85
190
—
2
(23)
255

1,208
5,364
—
181
(243)
6,509

210
—
—
(13)
(9)
188

—
—
—
—
—
—

404
—
(2)
1
(31)
371

—
—
—
—
—
—

0
—
—
0
(0)
0

162
—
—
59
(26)
195

715
190
(2)
(7)
(64)
831

1,980
5,364
—
327
(316)
7,354

2
—
—
1
(0)
2

470
—
—
(9)
(22)
439

—
—
—
—
—
—

—
—
—
—
—
—

179
—
—
(7)
(26)
147

—
—
—
—
—
—

3
—
—
(0)
(2)
1

0
—
—
0
(0)
0

184
—
—
(6)
(27)
150

471
—
—
(9)
(23)
439

257

6,947

188

—

518

—

1

195

981

7,793

255
—
(24)
(1)
(21)
208

6,509
—
(698)
(92)
(212)
5,507

188
—
—
4
(9)
183

—
—
—
42
—
42

371
—
—
23
(31)
363

—
—
—
—
—
—

0
—
9
(0)
(0)
9

195
63
7
55
(24)
296

831
—
(15)
26
(63)
779

7,354
63
(691)
12
(284)
6,454

2
0
—
0
(0)
3

439
11
—
(116)
(19)
314

—
—
—
—
—
—

—
—
—
—
—
—

147
—
10
12
(27)
142

—
—
—
—
—
—

1
—
—
5
—
6

0
—
—
0
—
0

150
0
10
17
(27)
151

439
11
—
(116)
(19)
315

211

5,821

183

42

505

—

15

297

929

6,768

32

604

36

—

306

—

—

162

390

1,375

3

267

—

—

126

—

6

0

135

267

176

4,904

147

42

57

—

9

134

389

5,079

(0)

47

—

—

16

—

—

—

16

47

Note 1. Based on SEC disclosure standards, INPEX discloses proved reserves in all countries representing 15% or more of its proved reserves. As of March 31, 2013, INPEX held proved reserves inAustralia of approximately 170.5 million barrels for crude oil and approximately 4,641.4 billions of cubic feet for natural gas, for a total of 1,035.61 million boe.
2. Proved reserves (as of March 31,2013) of the following blocks and fields include minority interests.
Eurasia (Europe & NIS): ACG (49%), Kashagan (55%), Americas: Copa Macoya (30%), Horn River Area (54.91%)
3. MMbbl: Million barrels
4. Bcf: Billions of cubic feet
5. Crude oil includes condensate and LPG

140

INPEX CORPORATION Annual Report 2013

Standardized measure of discounted future net cash ﬂows and changes relating to proved oil and gas reserves forthe year ended March 31, 2013
Disclosure details for the standardized measure of discounted
future net cash ﬂows relating to proved reserves and movements
for the year ended March 31, 2013 are presented in accordancewith the rules and regulations stipulated by the U.S. Financial
Accounting Standards Board, and are reported in accordancewith the Accounting Standard Codiﬁcation Topic 932 “Extractive
activities—Oil and Gas.”
In calculating the standardized measure of discounted
future net cash inﬂows, the period average of oil and gas prices
at the ﬁrst day of each month is applied to the estimated annual
future production from proved reserves to determine future cash
inflows. Future development costs are estimated based upon
constant oil price assumptions and assume the continuation ofexisting economic, operating, and regulatory conditions. Future
income taxes are calculated by applying the period-end statutory

March 31, 2012
INPEX CORPORATION and Consolidated Subsidiaries
Future cash inflows
Future production and development costs
Future income tax expenses
Future net cash flows
10% annual discount for estimated timing of cash flows
Standardized measure of discounted future net cash flows
Equity-method affiliates
Future cash inflows
Future production and development costs
Future income tax expenses
Future net cash flows
10% annual discount for estimated timing of cash flows
Share of equity-method investees’ standardized measure of
discounted future net cash flows
Total consolidated and equity-method affiliates in standardized
measure of discounted future net cash flows

rate to estimated future pretax cash flows after provision fortaxes on the cost of oil and natural gas properties based upon
existing laws and regulations. The discount is computed byapplying a 10% discount factor to the estimated future net cash
ﬂows.
We use the exchange rates of ¥82.14 and ¥93.99 to US$1.00
as of March 31, 2012 and 2013, respectively.
These ﬁgures are calculated in accordance with the rules set
forth by the U.S. Financial Accounting Standards Board. Because
no economic value is attributed to potential reserves, a uniform
discount rate of 10% is applied, and the price of oil is subject
to constant fluctuation, these figures do not represent the fairmarket value of reserves of crude oil, condensate, LPG andnatural gas, or of the present value of the cash ﬂows.

Total¥12,233,012(3,931,090)(4,804,117)
3,497,805(2,253,957)
1,243,848

Millions of yen
Asia &
Eurasia
Middle East &Oceania(Europe & NIS)
AfricaJapan¥ 841,649 ¥ 6,370,993(161,211)(2,427,986)(242,127)(1,921,324)
438,3112,021,683(219,401)(1,445,374)
218,910576,308¥1,585,214 ¥ 3,399,632(378,658)(940,940)(267,983)(2,370,085)
938,573
88,606(538,165)(47,863)
400,408
40,743

Americas¥ 35,524(22,295)(2,597)
10,632(3,153)
7,478

1,495,119(456,429)(954,555)
84,136(29,669)

—
—
—
—
—

105,683(56,512)(20,714)28,457(11,663)

—
—
—
—
—

1,379,368(394,701)(932,820)
51,846(17,761)

10,069(5,216)(1,021)
3,832
(246)

54,466—

16,794—34,086

3,586¥ 1,298,314¥ 218,910

593,103¥ 400,408

74,829¥ 11,065¥¥

Note: Reserves of the following blocks and fields include minority interests.
Eurasia (Europe & NIS): ACG (49%), Kashagan (55%)/Americas: Copa Macoya (30%)

March 31, 2013
INPEX CORPORATION and Consolidated Subsidiaries
Future cash inflows
Future production and development costs
Future income tax expenses
Future net cash flows
10% annual discount for estimated timing of cash flows
Standardized measure of discounted future net cash flows

Total consolidated and equity-method affiliates in standardized
measure of discounted future net cash flows

Total

Japan

Americas¥12,788,034(4,119,855)(5,057,270)
3,610,909(2,264,436)
1,346,473¥960,873(176,309)(277,685)
506,879(244,270)
262,609¥6,238,258(2,242,999)(2,078,271)
1,916,987(1,369,592)
547,396¥1,702,492(438,236)(265,673)
998,583(545,223)
453,359¥3,736,754(1,188,643)(2,417,554)
130,557(80,178)
50,379¥149,658(73,669)(18,087)
57,903(25,172)
32,731

1,696,889(566,833)(974,897)
155,159(63,444)

—
—
—
—
—

168,545(76,271)(47,627)
44,647(31,381)

—
—
—
—
—

1,470,807(446,072)(925,608)
99,127(28,798)

57,537(44,490)(1,662)
11,385(3,265)91,715—

13,266—70,3308,119¥ 1,438,188¥262,609¥ 560,661¥ 453,359¥ 120,708¥ 40,850

Note: Reserves of the following blocks and fields include minority interests.
Eurasia (Europe & NIS): ACG (49%), Kashagan (55%)/Americas: Copa Macoya (30%), Horn River Area (54.91%)

INPEX CORPORATION Annual Report 2013

7
Financial /Corporate Information

Equity-method affiliates
Future cash inflows
Future production and development costs
Future income tax expenses
Future net cash flows
10% annual discount for estimated timing of cash flows
Share of equity-method investees’ standardized measure of
discounted future net cash flows

Millions of yen
Asia &
Eurasia
Middle East &Oceania(Europe & NIS)
Africa141

INPEX CORPORATION and Consolidated
Subsidiaries
Standardized measure, beginning of period
As of April 1, 2012
Changes resulting from:
Sales and transfers of oil and gas produced, netof production costs
Net change in prices, and production costs
Development cost incurred
Changes in estimated development costs
Revisions of previous quantity estimates
Accretion of discountNet change in income taxes
Extensions, discoveries and improved recoveries
OtherStandardized measure, end of the period
As of March 31, 2013

Millions of yen
Eurasia
Middle East &(Europe & NIS)
Africa

Total

Japan

Asia &
Oceania¥1,298,314¥218,910¥576,308(904,376)(51,736)

41,698292,003(113,146)(58,467)
146,696494,588
53,039187,837

28,997
1,439
77
6,794
21,7694,778—
31,581¥1,438,188¥262,609

Americas

Equity-method
afﬁliates¥400,408¥40,743¥7,478¥54,466(350,624)(79,754)(219,353)(2,909)(200,000)

182,985
200,104(11,257)(290,058)
67,94588,362—
83,630(40,912)58,771(26,155)
11,846
46,60024,740—57,816(94,700)
18,513(74,590)134,603
4,552
234,733
—
5,878

(633)
2,193
(2,047)
3,592
848
(827)
23,962
1,075(34,040)
10,984827
74,757
4,982
142,803
29,077
7,858¥547,396¥453,359¥50,379¥32,731¥91,715

Notes: 1. Reserves of the following blocks and fields include minority interests.
Eurasia (Europe & NIS): ACG (49%), Kashagan (55%)/Americas: Copa Macoya (30%), Horn River Area (54.91%)
2. Extensions, discoveries and improved recoveries includes acquisition and sales.

Probable reserves and possible reserves
The following tables list the probable and possible reserves of crude oil, condensate, LPG and natural gas of our company, ourconsolidated subsidiaries and equity-method affiliates on main projects. Our probable reserves as of March 31, 2013 were 768.74
million barrels for crude oil, condensate and LPG, 6,275.0 billions of cubic feet for natural gas and 1,906.60 million boe in total. In
addition, the Group’s possible reserves as of March 31, 2013 were 120.40 million barrels for crude oil, condensate and LPG, 2,556.2
billions of cubic feet for natural gas and 604.44 million boe in total.

March 31, 2013
Probable reserves
Crude oil, condensate and LPG(MMbbl)Natural gas (Bcf)

March 31, 2013
Possible reserves
Crude oil, condensate and LPG(MMbbl)Natural gas (Bcf)

Asia &
OceaniaJapan

Eurasia
Middle East &(Europe & NIS)
AfricaAmericas

Subtotal

INPEX CORPORATION Annual Report 2013

Total

9

185

347

85

94

720

49

769

360

5,723

87

—

24

6,194

81

6,275

Asia &
OceaniaJapan

Eurasia
Middle East &(Europe & NIS)
AfricaAmericas

SubtotalInterest inreserves heldby equitymethod
afﬁliates

Total

2

88

3

2

11

106

14

120

64

2,381

—

—

38

2,483

73

2,556

Notes: 1. MMbbl: Million barrels
2. Bcf: Billions of cubic feet
3. Bitumen reserve volumes are included in the net probable and possible reserves of crude oil, condensate and LPG for the Americas.

142

Interest inreserves heldby equitymethod
afﬁliates2. OIL AND GAS PRODUCTION
The following tables list average daily production for crude oil, natural gas, and the total of crude oil and natural gas by region. The
proportional interests in production by our equity-method afﬁliates are not broken down by geographical regions.
Our production for the year ended March 31, 2013 was 245.9 thousand barrels per day for crude oil, condensate and LPG, 863.4
millions of cubic feet per day for natural gas and 407.8 thousand boed in total. Our method for calculating the conversion of natural gas
volumes to barrels of oil equivalent (boe) has been altered effective the previous ﬁscal year.
2008

2009

2010

2011

2012

2013

Crude oil, condensate and LPG (Mbbld):Japan
Asia & Oceania
Eurasia (Europe & NIS)
Middle East & Africa
Americas
Subtotal
Proportional interest in production by equity-method afﬁliates
Total
Annual production (MMbbl)

4.9
36.5
54.5
80.7
0.4
177.0
64.6
241.5
88.4

4.9
44.7
24.8
81.0
2.7
158.1
65.1
223.2
81.5

4.5
47.7
26.9
73.3
5.5
158.0
60.4
218.3
79.7

3.9
65.1
27.9
73.0
2.3
172.2
67.4
239.6
87.5

3.8
62.5
25.0
84.3
0.1
175.7
75.4
251.2
91.9

3.9
58.0
25.1
84.4
0.1
171.5
74.4
245.9
89.8

Natural gas (MMcf/d):
Japan
Asia & Oceania
Eurasia (Europe & NIS)
Middle East & Africa
Americas
Subtotal
Proportional interest in production by equity-method afﬁliates
Total
Annual production (Billions of cubic feet)

161.5
845.7
—
—
81.6
1,088.8—
1,088.8
398.5

164.9
842.8
—
—
82.3
1,090.0—
1,090.0
397.8

155.1
880.5
—
—
86.9
1,122.6—
1,122.6
409.7

128.7
836.0
—
—
81.1
1,045.9
56.6
1,102.5
402.4

127.6
665.0
—
—
72.4
865.0
62.7
927.7
339.5

133.7
586.4
—
—
90.9
811.0
52.4
863.4
315.1

Crude oil and natural gas (Mboed):Japan
Asia & Oceania
Eurasia (Europe & NIS)
Middle East & Africa
Americas
Subtotal
Proportional interest in production by equity-method afﬁliates
Total
Annual production (MMboe)

31.9
177.4
54.5
80.7
14.0
358.4
64.6
423.0
154.8

32.4
185.1
24.8
81.0
16.4
339.7
65.1
404.9
147.8

30.4
194.5
26.9
73.3
20.0
345.1
60.4
405.4
148.0

25.3
204.4
27.9
73.0
15.8
346.5
76.8
423.3
154.5

27.7
189.5
25.0
84.3
13.1
339.7
86.5
426.2
156.0

29.0
169.4
25.1
84.4
16.2
324.0
83.8
407.8
148.8

Years ended March 31,

7
Financial /Corporate Information

INPEX CORPORATION Annual Report 2013

143

Oil and Gas Glossary■ LNG (Liqueﬁed Natural Gas)

■ BarrelIn the case of oil, 1 barrel is equal to 42
gallons (approx. 159 liters).
■ Barrel of Oil Equivalent

Barrel of oil equivalent (BOE) is mainly
used to convert a cubic volume of natural gas (i.e., cubic feet) into a cubic volume (i.e., a barrel) of crude oil. It is astandard unit of thermal energy basedon the energy released in the combustion of one barrel of crude oil.

■ EPC Contractor

The oil and gas exploration and development business involves the participation of a number of contractors, suchas drilling contractors and geophysicalexploration subcontractors. Of these,an engineering, procurement and construction (EPC) contractor is in charge ofengineering, procurement and construction work.

■ LPG (Liqueﬁed Petroleum Gas)
■ Exploratory wells

A type of crude oil that holds a major
position in the market for crude oil
prices. Brent crude is a light oil with low
sulfur content and is mainly extracted
from the Brent oil ﬁeld located in the
North Sea of the United Kingdom.

A well drilled to search for still unknown
oil ﬁelds. Drilling wells to conﬁrm thedimensions of a new oil ﬁeld and toacquire an overall image of an oil ﬁeld
is a part of exploration, and wells for thispurpose are referred to as exploratory
wells.

■ Concession contract■ FEEDA contract that directly grants mining rights (including mining rights inJapan and permits, licenses and leases
in other countries) to oil companies
through a contract or approval from thegovernment of oil-producing countries
or from national oil companies. The oilcompany itself makes the investment
and holds the right for disposition for
the acquired oil and gas. Oil-producing
countries receive taxes or royalties fromsales.

FEED is an acronym for Front End Engineering Design. FEED work is done
prior to engineering, procurement andconstruction (EPC) work. FEED work
involves ﬁeld studies and budgeting,including technical issue identiﬁcationand cost outlines, upon which biddingfor EPC work is based.

■ Brent crude` See pp. 100–101 for Accounting Methods for
Types of Agreements.

■ Floating LNG

A ﬂoating LNG is created by installingan LNG plant on a large vessel. Thisdevelopment method allows for natural
gas to be processed into liquid at thatplant and then directly ofﬂoaded to an
LNG carrier.

■ Condensate

Generally, a type of crude oil extracted
as a liquid from gas ﬁelds. Liquid (oil)that exists as a gas underground butthat condenses when extracted to thesurface is referred to as condensate oilor simply as condensate.

■ FPSOFPSO refers to a ﬂoating production,
storage and ofﬂoading system where
reﬁned crude oil and condensate arestored in tanks within a vessel. From
here, the vessel ofﬂoads oil directly totankers.

■ CoreCylinder rock samples extracted fromunderground geological formations inwells during various types of exploratory drilling. Normally, the samples are
extracted by core drilling.

144

INPEX CORPORATION Annual Report 2013

After removing impurities such as moisture, sulfur compounds and carbon
dioxide from natural gas with a chief
constituent of methane, the gas is liqueﬁed by cooling to ultra-low temperatures (-162 Celsius). This process compresses the volume of the gas to 1/600,
thus making it possible to transportlarge quantities in a single shipment.

■ International Energy Agency (IEA)

An autonomous organization comprisedof the main oil-consuming countries
established in 1974 under the OECD forcollective action on energy.

LPG is an oil product that is a mixtureof hydrocarbon gases with a carbon
number of 3 or 4, for example, propane, propylene, butane, butylene ora mixture of these as main constituents. Although LPG is a gas at ambient
temperature and normal pressure, it isliqueﬁed through exposure to low pressures or temperatures (cooling).
■ Lump-sum contract
A contract agreeing upon and approving
a ﬁxed total for construction and work.
It is distinguished from a cost-plus-fee
contract, which promises in advance thepayment of a certain fee added to a certain amount of actual incurred expenses.
■ Methane Hydrate
As one type of unconventional gas,methane hydrate is a solid crystalline
structure in which methane molecules
are trapped within a latticework formedby the hydrogen bonding of water molecules. Methane hydrate is stable under
low-temperature, high-pressure conditions, so it can be found within thepermafrost layer in Siberia, Canada andAlaska, as well as in the ocean at depthsof 500 meters or more.
■ Net Production Volume

Net production volume is the net economical portion of total production volume. Speciﬁcally, it is the volume of oil
and natural gas that can be sold after
deducting portions allocated to thegovernments of oil-producing countries
in accordance with production sharing
agreements, and portions allocated tointerest owners in accordance with concession agreements.

undergoing development.

■ Oil majors

Oil majors are also known as majorinternational oil companies. ExxonMobil (US), Royal Dutch Shell (UK/Netherlands), BP (UK), Chevron (US) and
TOTAL (France) are well-known as theﬁve oil majors. Each of these companies
possesses an integrated system including departments for conducting both
upstream and downstream business.
■ Oil sands

Sandstone beds that contain an extremely viscous tar-like crude oil thathas no ﬂuidity in its initial state. This is
as opposed to conventional crude oil,which can be easily pumped upward
using a well. Depending on the levelof viscosity, crude oil extracted from oilsand is referred to as bitumen or extra
heavy crude oil.
` See page 69 for the Joslyn Oil Sands Project.

■ Operator

In the case of multiple parties to a contract regarding blocks of oil/gas andassociated E&P work, a joint operating
agreement is entered into between theparties and it is necessary to achieve
agreement on the rights and obligations for all items required when conducting operations. At that time, theparty responsible for the execution
and management of the operations isreferred to as the operator. In contrast,
parties other than the operator arereferred to as non-operators.
■ Primary energy

Energy recovered directly from naturesuch as coal, oil, natural gas, fuelwood,hydroelectricity, nuclear power, wind
power, current power, geothermal andsolar energy.

■ Probable reserves (our company)

The deﬁnition of probable reserves is inaccordance with regulations (PRMS)
formulated by the Society of Petroleum
Engineers (SPE) through support fromthe World Petroleum Council (WPC),
the American Association of Petroleum
Geologists (AAPG) and the Society ofPetroleum Evaluation Engineers (SPEE).
The rule deﬁnes probable reserves as
the estimated quantities of crude oiland natural gas that can be added toproved reserves and commercially collected based on geological and engineering data.

■ Reserves-to-production ratio■ Production sharing contract (PSC)■ Royalty

A contract in which one or more companies involved in the development of oil
and natural gas acts as a contractor andundertakes operations for explorationand development on behalf of the governments of oil-producing countries or
national oil companies. The contractor is
responsible for the costs associated withthe operations. Corresponding amounts
for cost recovery and compensation arereceived from production by a contractor.

Royalty refers to a speciﬁc share of
production reserved by the owner ofunderground minerals (e.g., a state ora municipality) when granting mining
rights, without taking responsibility for
production costs. In some cases, theshare increases according to increases
in production. Royalties may be paid in
kind or in cash.

` See pp. 100–101 for Accounting Methods for
Types of Agreements.

The reserves-to-production ratio (R/P
ratio) is calculated by subtracting the
production for a given year from thereserves at the end of that year. The
resulting ﬁgure is applied to that particular oil ﬁeld or region and shows how
many years production can be continued if annual production continues at
the amount for that year.
■ Rig

Machinery for drilling a well that is used tosearch for and produce oil and natural gas.

■ Secondary energy

Electric power, city gas, coke, etc., which
are acquired by converting and processing primary energy sources, are referred
to as secondary energy.

■ Proved reserves

The deﬁnition of proved reserves is inaccordance with SEC Regulation S-X
Rule 4-10 (a), a rule that is well known
among investors in the United States.
The rule deﬁnes proved reserves as theestimated quantities of crude oil andnatural gas that can, with reasonablecertainty and under current economic
and operating conditions, be collectedfrom a given date forward based on
geological and engineering data.
■ Renewable energy

Shale gas is a kind of natural gas thatis considered to be an unconventional
natural gas. It refers to gas that is foundin hard shale beds and not in the usual
gas ﬁelds of conventional natural gas.
It is necessary to excavate the horizontal wells, using the hydraulic fracturingmethod to create a crack in the shale
bed so that the gas can be extracted.
In recent years, due to advancementsin these gas mining technologies, theproduction of shale gas is making great
strides, particularly in North America.
■ Unconventional natural gas

Natural gas not produced from regularoil and gas ﬁelds. Includes gas (tightgas sands, coal bed methane, biomass
gas and shale gas) that has alreadyundergone partial commercial production and gas (e.g., methane hydrate anddeep gas) expected to undergo futurecommercial production.
INPEX CORPORATION Annual Report 2013

7
Financial /Corporate Information

A collective term used for energy
acquired from within natural phenomena
replenished repeatedly on earth such as
solar, wind, hydro, oceans and biomass,
as opposed to fossil fuels such as coaland oil, which are forecast to run out inthe future. There is no fear of renewableenergy running out, and it does not generate air pollution. Technology to use
renewable energy as an energy source is■ Shale gas

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