2050
Challenge for net zeroAs a pioneer in energy transformation

Be a company
rich in vitality,
creativity and diversity,
capable of sustainable
development（EX）, INPEX will provide a stable supply

of diverse and clean energy sources
including oil and natural gas, hydrogenand renewable power.

Around 2030

CORPORATE BROCHURE 2023

Basic management policy
towards a net zero carbon society
by 20502050

Around 10% of operating CF 1
Commercialization of
3 or more projects
100Kt/year 2

Supply of approx.
10% of domestic
demandCO₂ injection
2.5MMtper year

Monetization as
CCUS businessScale up

Renewable power
generating capacity
1-2GW

Future production ofgreen hydrogen 3Expansion

Expansion

Medium-term Business Plan 2022-2024

Hydrogen/Ammonia

Develop a Hydrogen Business

Reduce CO₂ Emissions
from Upstream Operations

Expand each businessat an accelerated paceand become recognized
as a credible key player

Around 2035
Production business scale
60K N㎥/h（360Kt/year）

Achieve commercializationand establish
a strong position

Approx. 150 times

Kashiwazaki
demonstration
project, etc.
6Kt/yearApprox. 400 times

Renewable energy

Enhance and Emphasize
Renewable Energy Initiatives

Renewable power
generating capacity
500MW

Approx. 2-4 times

Domestictechnology
development
business
400N㎥/hApprox. 25 times

REDD＋project 41.5MMt

Project participation

GHG intensity
reduction by
10% or more

Making thebusiness cleaner

Investment ratio
for gas businessApprox. 50%

Gas shift（Maximize use of government support

Company name
Established
CapitalTEL

Expanded sustainable
forest conservation
business

Kashiwazaki
demonstration
project
700t/year

5 net zero businesses

Address

Carbon credit acquisition
2MMt
per year

As a pioneer in energy transformation（EX）, INPEX will seek to provide a stable supply of
diverse and clean energy sources including oil and natural gas, hydrogen and renewableenergy. Through these business activities, the company will promote initiatives towards
the realization of a net zero carbon society.

CCS/CCUS

and collaboration with industry,
academia and government, etc.）

Company Overview
Production business scale
10K N㎥/h（60Kt/year）

The future of INPEXURL

INPEX CORPORATION

Methanation

Promote Carbon Recycling
and Cultivate New Business
Opportunities

April 3, 2006

290.8 billion yen

Akasaka Biz Tower, 5 -3-1 Akasaka,

Minato-ku, Tokyo 107- 6332, JAPAN+ 81-3 -5572- 0200

Forest conservation

https://www.inpex.co.jp/english/

Promote Forest Conservation

Key Group Company Offices
GHG
intensity reduction by30% or more（vs. 2019）
Investment ratio
for gas businessApprox.70%
Reinforced
trading functions 5
LNG handling volume
Approx.10MMt

Jakarta（Indonesia）

Perth（Australia）

Sustained
efforts

Expandedstable supply ofclean oil & gas

Maintain stable energy
supply on the basisof thoroughly making
the business cleaner

4：Concept defined at the 2010 United Nations Climate Change Conference that augments REDD（Reducing Emissions from Deforestation and forest Degradation）
with the active prevention of forest degradation through forest management and enhancement of carbon stocks through forestation
5：Inclusive of midstream and downstream business, etc.

Darwin（Australia）

Singapore（Singapore）
London（U.K.）

Oslo（Norway）

Astana（Kazakhstan）
Abu Dhabi（U.A.E.）
Houston（U.S.A.）

Oil & gas business
Maintain and expand
stable supply
Strengthen and expand
the business as a revenue
base while making it
cleaner through CCUS, etc.

Oil & gas

Build a more resilientand cleaner businessin an integrated manner.

1：Operating cash flow before exploration（including Ichthys LNG Pty Ltd, the Ichthys Downstream Incorporated Joint Venture）.
Cash flow from renewable energy business is estimated based on equity operating cash flow.
2：Ammonia volume shown in hydrogen equivalent
3：Hydrogen that is produced by splitting water using electricity generated from renewable energy such as wind power

Initiatives in the 5 net zero businesses
Commercialize 3 or more projects by around 2030 and aim to produce
and supply 100 thousand tons or more of hydrogen/ammonia per year

GAS
Production

O₂Hydrogen
ProductionHydrogenPowerGenerationPipeline○Integrated demonstration of hydrogen & ammonia production and usage

H₂CH₄

CO₂ CaptureO○Clean ammonia production in Abu Dhabi

KAZAKHSTAN
Offshore North Caspian Sea Contract Area
（Kashagan Oil Field and Others）
AZERBAIJAN

LondonAim to become a leading company in the CCS/CCUS business by targetingan annual CO₂ injection volume of 2.5 million tons or more in around 2030
and promoting technical development and commercialization

GEORGIA
Ichthys Field○CO₂ EOR※ demonstration at Minami-aga（Niigata Prefecture, Japan）

Timor Sea

○CO₂ EOR scale up in Abu Dhabi○Promotion of CCS/CCUS business development in Japan and overseas○CCS project development in Thailand○CCS implementation at Ichthys LNG Project（Australia）

TURKEYBTC Pipeline Project

Approx.890km

Darwin

Northern Territory

Darwin Office

AUSTRALIA
Perth Office○Joint study on a large-scale CCS project in Japan using marine transportation

Ichthys gas-condensate field location○Browse Basin, Australian North West Shelf○Approximately 200 kilometers offshore

Western Australia○CCS project development in Malaysia

4.Abu Dhabi Offshore Oil Fields

Block 05-1b and 05-1c

SK418
Tangguh LNG Project（Berau Block）
Block SK-10
SINGAPORE
INDONESIA

MALAYSIA

Muara Laboh Geothermal Power Project

CCS implementation at Ichthys LNG Project（Australia）○In August 2022, the INPEX-led Bonaparte CCS Assessment Joint Venture was awarded GHG assessment permit（G-7-AP）

Sebuku Block

Rantau Dedap Geothermal Power Project
Rajabasa Geothermal Power Project

off the northwestern coast of the Northern Territory, Australia.

INPEX also commenced joint research with JOGMEC on CCS feasibility assessment to reduce CO₂ emissions at its Australian LNG operations.

4E

1.Ichthys LNG Project
WA-50-L / WA-51-L3.Abu Dhabi Onshore Concession

Houston○INPEX will introduce CCS to Ichthys in the late-2020s and begin injecting 2 million tons or more of CO₂ per year as a first step.

DarwinRenewable energy

6.Abadi LNG Project
Masela Block（Abadi）

Aim to secure 1-2 gigawatts of installed capacity, mainly in theoffshore wind and geothermal power generation business
Become a key player by accelerating business expansion using
assets acquired through M&A and other means as a platform

Wind power

Be a key player in the floating offshore wind power business5.Norway Projects

Geothermal power

PL057 / PL089

Aim for further expansion, mainly in Japan and Indonesia

pyrolysis○Artificialphotosynthesis○Drones
Facility at the Koshijihara Plant

Artificial photosynthesis panel installedin Darwin, Australia

PL1194

PL318

NORWAY
PL1153
PL636
PL636B

PL318B
PL090HS

PL090F
PL293CS

PL090C
PL293B

PL090G
PL090I
PL1179Forest conservation
Strengthen and expand projects aimed at CO₂ absorption
through forest conservation, from supportive measures
to project participation

PL609D

PL1016

PL318C

PL882
PL882B

PL1130LondonUNITED KINGDOM

PL636CPL090JS
PL090B
PL090
PL090ENETHERLANDS

5.Norway Projects

Oil & Gas projects
INPEX
Operator project

Oslo

Luchterduinen Offshore Wind Farm
Borssele III/IV Offshore Wind Farm
Moray East Offshore Wind Farm

Forests of Rimba Raya Biodiversity Orangutan conservation efforts（Currently building protection camp）
Reserve REDD＋ project area

Netherlands / United Kingdom

INPEX acquired a 50 percent stake in the Luchterduinen Offshore Wind Farm in February 2022 and a 15 percent stake in theBorssele III/IV Offshore Wind Farm in March 2022, both operating off the coast of the Netherlands. The Luchterduinen
Offshore Wind Farm is located 23 kilometers offshore Noordwijk and has been in commercial operation since September
2015 with an output scale of 129 megawatts produced by 43 3-megawatt units. The Borssele III/IV Offshore Wind Farm islocated 22 kilometers off the coast of Westkapelle and has been in commercial operation since January 2021 with an output
scale of 731.5 megawatts produced by 77 9.5-megawatt units.
In March 2023, INPEX acquired a 16.7 percent stake in the Moray East Offshore Wind Farm. It is located approximately 22kilometers off the Moray East coast of Scotland in the United Kingdom and has been in commercial operation since April
2022 with an output scale of 950 megawatts produced by 100 9.5-megawatt units.

PL609
PL609B

PL1129Promote Carbon Recycling and Cultivate New Business Opportunities○Methanation○Methane

Offshore Wind Power Generation Business in Europe

PL537

Non Operator
project

Production
Under
Development
Preparation forDevelopment
Exploration
Key group company headquarters
and offices

Renewable Energy project（As of March 31, 2023, with some exceptions）

Geothermal Power Generation Business in Indonesia

Indonesia

INPEX is engaged in four geothermal power generation projects on Sumatra Island in Indonesia, including Muara Laboh,Rantau Dedap, Sarulla and Rajabasa. Muara Laboh, Rantau Dedap and Sarulla are operating commercially with a total
electricity production volume of approximately 513 megawatts, equivalent to the annual consumption of approximately 2.9
million households in Sumatra. Electricity generated at each plant is planned to be marketed to Indonesian national powercompany PT PLN（Persero）over an approximately 30-year period from the start of commercial operations. While theRajabasa project is in the exploration stage, surface and geophysical surveys have indicated a certain potential forgeothermal resources. If sufficient geothermal resources are located through exploration activities to warrant project
development, this is expected to contribute to the further expansion of INPEX s geothermal business in Indonesia.

United Arab Emirates

INPEX has been engaged in the development and production of crude oil offshore Abu Dhabi in the United Arab Emirates since 1973
and currently conducts business activities at four oil fields offshore Abu Dhabi. These include the Upper Zakum Oil Field, one of thelargest in the world, as well as the Lower Zakum, Satah, and Umm Al-Dalkh oil fields. In January 2014, the company extended its
concession agreement for the Upper Zakum Oil Field by 15 years. In November 2017, INPEX agreed on a plan to increase the oil field s
production capacity to one million barrels per day and extended its concession agreement by a further 10 years. In February 2018,
INPEX acquired an interest in the Lower Zakum Oil Field concession and extended its existing concession agreements for the Satahand Umm Al-Dalkh oil fields by 25 years. The crude oil produced at the Upper Zakum, Satah and Umm Al-Dalkh oil fields is transportedto Zirku Island and shipped as Upper Zakum Crude. Crude oil produced at the Lower Zakum Oil Field is transported to Das Island andshipped as Das Crude Oil. INPEX was appointed as the Asset Leader of the Lower Zakum Oil Field concession by ADNOC. As asset
leader, INPEX plays a leading role in advancing development and is working closely with ADNOC and its partners to lift production
capacity to 450 thousand barrels per day.

AUSTRALIAPL1170

PL537BJapan

United Arab Emirates

4.Abu Dhabi Offshore Oil Fields

BRAZILPerthPL1133

Operator

Operator

BM-ES-23

Jakarta

Australia

INPEX acquired a five percent interest in the ADCO Onshore Concession in April 2015 following its participation in a bidding process.
INPEX signed a 40-year concession agreement, effective from January 1, 2015, with the Supreme Council for Financial and Economic
Affairs（formerly the Supreme Petroleum Council）of the United Arab Emirates and the Abu Dhabi National Oil Company（ADNOC）.
The concession includes one of the world s largest oil reserves. Stable production of crude oil is currently under way at 12 oil fields,
and plans are being considered to further increase the concession s daily production capacity from its current 2 million barrels perday.

Keathley Canyon Blocks 921/965,
Walker Ridge 881/925

Singapore※Project basis（INPEX equity equivalent：approximately 1.3 million tons per year）

Operator

Minami-Nagaoka Gas Field is one of the largest gas fields in Japan. The gas field was discovered in 1979 and is in production since1984. Natural gas produced from the field as well as the LNG received at the Naoetsu LNG Terminal, which commenced operationsin 2013, is supplied to customers located along INPEX s 1,500 kilometers-long natural gas trunk pipeline network. In October 2018,
the first LNG shipment from the INPEX-operated Ichthys LNG Project arrived at the Naoetsu LNG Terminal. The terminal plays a keyrole in INPEX s pursuit of the development of a global gas value chain. In the Japanese energy market, INPEX faces challenging
business conditions as competition continues to intensify. INPEX is focusing on developing its business to better address thediversifying needs of customers by implementing energy initiatives conducive to a net zero carbon society as well as measures tostrengthen the company s resilience.

AUSTRALIA（Sao Vang-Dai Nguyet Gas Field）

Sarulla Geothermal Power Project※Enhanced Oil Recovery

Promote the adoption of methanation in society and aim
to supply about 60 thousand tons of synthetic methane
per year through INPEX s natural gas trunk pipeline
network by 2030 while pursuing further development
Also develop new business opportunities in the clean
energy sector through an in-house entrepreneurshipprogram and collaboration with start-ups in Japan andother countries, universities, etc.

VIETNAMInterest Owned：66.245％

2.Minami-Nagaoka Gas Field and Naoetsu LNG Terminal

WA-532-P
WA-533-P

UNITED STATES OF AMERICAMEXICO
2.Minami-Nagaoka Gas Field andNaoetsu LNG Terminal
R2.4 Block 22（Salina）

Abu Dhabi

3.Abu Dhabi Onshore Concession

WA-43-L（Ravensworth Oil Field）

PerthOperator

Umm Al-Dalkh Oil Field

Satah Oil Field
Upper/Lower Zakum Oil Field
Onshore Block-4
UNITED ARAB EMIRATESEP（A）318

Operator

JAPANHead Office

Block 10

IRAQ

DarwinINPEX Mega Solar Joetsu
Katatsumuri Yama Power Plant

Goto Floating Wind Farm LLC

ACG Oil Fields

Gas storage assessment permit（title G-7-AP）

SakhalinⅠProject

AstanaCCS/CCUS

PSC-TL-SO-T 19-12

WA-56-R
WA-285-P

WA-50-L / WA-51-L

In 1998, INPEX acquired an exploration permit in the block where the Ichthys Gas-condensate Field is now located. Following
development activities including exploration, evaluation, and front-end engineering design（FEED）work, INPEX announced its final
investment decision in January 2012. After constructing facilities necessary for production and conducting test operations, INPEX
commenced production in July 2018 and later began shipping condensate, liquefied natural gas（LNG）, and liquefied petroleum gas（LPG）. Stable production has continued since the startup of production in 2018, and 112 LNG cargoes were shipped from the plantin 2022. In 2023, INPEX expects to maintain stable production with a forecast shipment of 11 LNG cargoes per month. The company
will also aim to sustain debottlenecking efforts to lift capacity constraints to increase LNG production capacity from 8.9 million tons to9.3 million tons per year as stated in the Medium-term Business Plan, one year ahead of schedule.

PSC-TL-SO-T19-10/11（Bayu-Undan Project）

WA-80-R
WA-86-R
WA-281-P

WA-35-L（Van Gogh Oil Field）

Zapadno-Yaraktinsky Block/Bolshetirsky Block

NETHERLANDS

N₂

Higashi-Kashiwazaki
Gas field Hirai-area

Oslo

UNITED KINGDOM

Ammonia○Clean hydrogen projects overseas

RUSSIANORWAY

Ammonia
Production○Production of green hydrogen in Australia

WA-35-L&WA-55-L
Unitization（Coniston Oil Field）

Electricity

CCH₄○Commercialization of blue hydrogen project in Niigata Prefecture, Japan₂Minami-Nagaoka
Gas Field

H₂in Kashiwazaki City, Niigata Prefecture, Japan

AC/P66

WA-74-R
WA-79-R
WA-85-R
WA-84-R
WA-81-R

Hydrogen/Ammonia
H ₂O

1.Ichthys LNG Project

WA-343-P

AC/P36Prelude FLNG Project©EQUINOR

PL057 / PL089

NorwayIn January 2022, INPEX acquired 50.5 percent of shares in Idemitsu Snorre Oil Development Co., Ltd.（renamed INPEX Norway Co.,Ltd.）from Idemitsu Kosan Co., Ltd. and Osaka Gas Summit Resources Co., Ltd. Through its wholly owned Norwegian subsidiary
INPEX Idemitsu Norge AS（IIN）, INPEX Norway currently owns 10 oil and gas assets in production, including the Snorre Project, as
well as interests in multiple promising discovered but undeveloped oil and gas fields and exploration licenses. INPEX Norway isexpected to help optimize INPEX s upstream business portfolio. The Snorre Project, IIN s flagship asset, is expected to draw up toapproximately 35 percent of its entire power from the Hywind Tampen floating wind farm. INPEX Norway is also studying ways todecarbonize its business including the pursuit of CO₂ emissions reduction at oil and gas production facilities using onshorehydropower generation.

6.Abadi LNG Project

Masela Block（Abadi）

Interest Owned：65％

OperatorIndonesia

INPEX acquired a 100 percent interest in the Masela Block, located in the Indonesian sector of the Arafura Sea, in November 1998
through an open bid conducted by the Indonesian authorities and subsequently discovered the Abadi Gas Field through the first
exploratory well drilled in 2000. Thereafter, INPEX received approval from the Indonesian authorities in July 2019 for a revised plan ofdevelopment on a scale of 9.5 million tons of LNG per annum produced at an onshore LNG plant. The Indonesian authorities also
approved an extension of the term of the Masela Block production sharing contract until 2055. While subsequent detailed surveys ofthe planned construction site for the LNG plant and its surrounding areas were suspended due to the impact of COVID-19, INPEX
conducted a comprehensive study to make the project cleaner and more competitive in view of the energy transition and the need towork towards the realization of a net zero carbon society. In April 2023, the company submitted a revised plan of development withthe addition of CCS. INPEX aims to reach a final investment decision in the late 2020s and commence production in the early 2030s.