INPEX Snapshot

No.1

Our oil and gas reserves and production volume
are the largest among Japanese E&P companies.
We aim to establish a ﬁrm position as a global
independent upstream company, ranking after
the oil majors.

Our reserves (proved and probable) stoodat approximately 4.13 billion barrelsof oil equivalent (boe) as of March 31,
2011, and production for the year ended
March 31, 2011, was approximately 423
thousand barrels of oil equivalent per day(boed). These ﬁgures make our oil andgas reserves and production volumes thelargest of any Japanese E&P company.
Internationally, the Company ranks among
the mid-tier global independent upstream
companies, after the oil majors. We will
maintain and expand our reserves andproduction volumes by commercializing
our large LNG projects and acquiring
new interests. Our goal is to continue toexpand so as to establish a ﬁrm position
among the top group of independent
upstream companies.

Net production volume(Thousand boed)■Crude oil■Natural gas

500

400405

405

182

187

223

218

2009

2010

423
184

300

200

239

1000

Photo: Bontang LNG Plant, Indonesia

2011

For details, please refer to pp. 36–37.

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INPEX CORPORATION Annual Report 2011

INPEX CORPORATION Annual Report 2011003

INPEX Snapshotin71
26

ProjectsCountries

We seek to disperse business riskby creating a well-balanced asset
portfolio.

Photo: Kashagan Oil Field, Kazakhstan

We avoid excessive dependence on
certain regions from the viewpoint ofcountry and operating risks, and seek toachieve a well-balanced portfolio througha combination of different projects, by
resource (crude oil and natural gas), bystage (exploration, development andproduction), by contract, etc. As of June30, 2011, in addition to Japan, we areengaged in 71 projects in 26 countries
in Asia, Oceania, the Middle East, Africa,
Eurasia and the Americas.

Number of overseas projects(As of June 30, 2011)

Eurasia

Asia & Oceania

534

Projects

Projects

Middle East & Africa

Americas1318

Projects

Projects

For details, please refer to pp. 38–39.

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INPEX CORPORATION Annual Report 2011

INPEX CORPORATION Annual Report 2011005

INPEX Snapshot

Two Large-Scale
LNG
Projects

We are engaged in two large-scale
LNG projects that should contributeto our corporate growth.

We discovered two large gas ﬁelds,Ichthys (Australia) and Abadi (Indonesia),in 2000. The ﬁnal investment decision(FID) for Ichthys is scheduled for Q4 2011,
with production scheduled to begin inQ4 2016. Abadi is under preparation fordevelopment according to the ﬂoating
LNG concept. The production volume ofthese projects will be on a massive scale— equivalent to 15% or more of Japan’scurrent LNG annual import volume.
We are proceeding aggressively tocommercialize both projects with the goalof achieving further corporate growth.

Ichthys and Abadi LNG Projects
LNG production volume:

2.5 million tons/year(First phase development)

Jakarta Office

Ichthys LNG
Project(Australia)

Abadi
LNG Project(Indonesia)
Darwin Office
LNG production volume:

8.4 million tons/year

Perth Office

Photo: Ichthys LNG Project, Australia

For details, please refer to pp. 40–45.

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INPEX CORPORATION Annual Report 2011

INPEX CORPORATION Annual Report 2011

007

INPEX Snapshot

Three
Fundamental Strategies

Consolidated net sales:¥ 943.1billion

We continue to pursue threefundamental strategies in our efforts
to achieve corporate growth.

Consolidated net income:¥ 128.7billion
Despite the appreciation of the Japanese
yen during the year, consolidated net
sales for the year ended March 31, 2011,were up 12.2% to ¥943.1 billion andconsolidated net income was up 20.0% to¥128.7 billion due to the increase in sales
prices of oil and natural gas.

We are engaged in three fundamental
strategies in pursuit of achieving our goalof raising our net production level to
800,000–1 million boed by 2020.

1. Sustainable Expansion of Our
E&P BusinessWe will pursue continuous maintenanceand expansion of our production andreserves by operating and maintaining
exploration, development and production
projects.

Net sales / Net income (consolidated)■Net sales (¥billion）■Net income (¥billion）

1,200200

1,076.2
900943.1
145.1 840.4

1501003. Evolution into a Company that
Offers Diversiﬁed Forms of Energy

50300002009

2010

2011

For details, please refer to pp. 12 –14.

008

We will develop a high-value-added
gas supply chain by organically linking
overseas gas resources with the Japanesemarket.

128.7

107.2

600

2. Establishment of a Gas Supply
Chain and Proactive Expansion ofthe Gas Business

INPEX CORPORATION Annual Report 2011

Photo: Financial results presentation for the year ended
March 31, 2011 (held on May 12, 2011)

We will pursue growth by evolving into acompany that contributes to sustainablegrowth by ensuring the development andsupply of various forms of energy.
Photo: Construction of domestic natural gas pipeline (Shizuoka Line)For details, please refer to pp. 32–33.

INPEX CORPORATION Annual Report 2011009

Photo: Blaydin Point, Northern Territory, Australia

For details, please refer to pp. 64 –73.

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INPEX CORPORATION Annual Report 2011

1.1

Financial and Operating Highlights

012

1.2

Financial and Operating Highlights (Graphs)

014

1.3

Greetings from the Representative Directors

016

1.4

Message from the President

018

Business Overview

Performance / Message

Financial /Corporate Information

We have created and continue tomaintain our own comprehensive HSE(Health/Safety/Environment) Management
System. We also seek coexistence withthe local communities in which we operateby contributing to their development, andwe continue to enhance our corporate
governance so as to achieve more soundand efﬁcient management.

1Ichthys LNG Project, at offshore rig

Project Overview

We continue to contribute to the buildingof an afﬂuent society by providing a stableenergy supply, as we operate in harmony
with the environment and local communities.

Corporate Responsibility
and Management

Corporate Social
Responsibility

Performance / Message

INPEX Snapshot