March 4, 2024
[Press Release]
Japan Petroleum Exploration Co., Ltd.
Tel: +81-3-6268-7110 (Media Relations)
https://www.japex.co.jp/en/contact/

JAPEX and Invest Alberta Signed MOU to Foster Growth and Collaboration
in Energy Market throughout Province of Alberta, Canada
Japan Petroleum Exploration Co., Ltd. (JAPEX) signed a memorandum of understanding (MOU) withInvest Alberta Corporation (IAC), an investment attraction agency established by the government of Alberta,
Canada, to partner together to support JAPEX’s development of its business toward environmentally
sustainable society in the Province of Alberta, Canada.
The MOU signifies the intent of both parties to work jointly on potential projects of JAPEX in Alberta,
leveraging JAPEX’s extensive experience in petroleum exploration, production and CCS (Carbon dioxideCapture and Storage) / CCUS (Carbon dioxide Capture, Utilization, and Storage), while Invest Alberta will
support JAPEX with its in-depth knowledge of the local market and investment landscape. On thispartnership, JAPEX is seeking to develop the projects in several areas:CCS/CCUS

BECCS (Bioenergy with Carbon dioxide Capture and Storage) (*)

Blue Hydrogen/Ammonia Business“We are very excited to start working together with Invest Alberta,” said Tomomi Yamada, Executive
Management Officer, President of Overseas Business Division II, JAPEX. “JAPEX had a very long-standing
history of business in Alberta in the areas of oil sands (as an operator) and natural gas. We are now aiming tocome back to Alberta and contribute to its decarbonization, using our expertise and experiences gained
through the participation in CCS demonstration project in Japan by investing in the project company andextensive E&P businesses in Japan as well as overseas.”
Established by the Province of Alberta, Invest Alberta provides high-end tailored support to companies,investors, and major new projects. As one of North America’s leading investment attraction organizations withteams strategically placed around the world, including in Tokyo, Invest Alberta breaks down barriers sobusinesses can start up, scale up, and succeed without limits.
“Invest Alberta is honoured to partner with JAPEX to help the company seize the opportunities that Albertaoffers to investors,” said Rick Christiaanse, Invest Alberta CEO. “As Canada’s energy capital, Alberta has askilled workforce and renowned researchers capable of advancing major projects forward in a welcoming
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business environment. JAPEX is a strong and valuable partner for Alberta, bringing extensive experience inthe energy sector and a shared dedication to achieving net-zero through environmentally sustainable projects.”“Japan is a valued ally and trading partner, so it makes sense we collaborate on lowering emissions together
using Alberta’s unique geology, which holds enough pour space to contain most of the world’s human produced
CO2 emissions,” said Brian Jean, Alberta Minister of Energy & Minerals. “Alberta and Japan have areputation for technical excellence that will ensure a successful partnership.”In “JAPEX2050”, formulated to realize a carbon-neutral society, we set the commercialization of fields that
contribute to achieving net zero emissions, centered on CO2 injection and storage technologies, as one of thefocused efforts. JAPEX continues to explore opportunities to contribute to net-zero CO2 emissions in Japanand abroad, leveraging its capabilities and experiences.
Note）*: A term coined to refer to a technology that links CCS and biomass energy. When biomass is burned for energy use, CO₂ isemitted, but it is not counted as CO₂ emissions because the amount of CO₂ emitted during the entire life cycle of biomass remains
the same. If the CO₂ from biomass combustion is captured, transported, and stored underground, there will be a net reduction inatmospheric CO₂.

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(Reference Photo)

Photo ceremony for the signing of the MOU(Reference: Participants related in the above photo, from left side)
Mr. Keith Bradley - Chief Operating Officer, IAC
Dr. Tomomi Yamada - Executive Management Officer, President of Overseas Business Division II, JAPEX###3 / 3