Merger,Challenges

and the FutureMerger, Challenges
and the Future

We had our dreams,
of managing large-scale LNG projects on our own,of maintaining the ties in oil-producing countries and concessions that our predecessors developed through their untiring efforts,of dramatically expanding our gas business.
To make these dreams come true, we chose to merge and integrate our businesses.
Before we realized, our thoughts united as we joined forces to tackle major challenges.
Joining the groundswell, people gathered from around the world under the INPEX flag,achieving great things over these past 10 years.
Our future vision is for INPEX to become a global energy company.

IIIII

The road to INPEX’s birth

1984

Minami-Nagaoka
Gas Field andOffshore Iwaki
Gas Field
commenced
production

1965

Minami-Aga Oil
Field commenced
production

1950

Yabase Oil Field(commenceddevelopment deepzone)

1959

1970

1962

Kubiki Oiland Gas Field
commencedproduction

1996 onward

1975

Domestic gas trunk pipeline network
expansion
Reactivation
Enhancement of Tokyo Line and new
project in Venezuela installation to Matsumoto, Iruma andlaunchedKofu

1992

HigashiKashiwazaki Gas Offshore DR
Field commenced Congo commenced West Bakr Blockcommenced production
production
production

Tokyo Line(gas pipeline)
completed

2003

1980

Ohanet Gas Field commencedproduction

2004

2006

Shizuoka Line
completed

Gas field development innortheast Mexico launched byMulti service contract

1941
Teikoku OilCo., Ltd.
founded1984 to 1992
String of oil fields in the Offshore Mahakam Blockcommenced production

1972

1974

Attaka Field
commenced
production

Bekapai Field
commencedproduction

1975

Handil Field
commenced
production

Oil and gas fields in various
locations commenced
production
1984:
Tambora Field (oil and gas)
1990:
Tunu and Widuri Fields
1992:Belida Field

2003

2006

2004

INPEX Holdings,Inc. foundedInterest in ACG Oil
Fields acquired

1994

Griffin oil fields
commencedproduction

2000

Abadi Gas Field and Ichthys GasCondensate Field discovered

2000

Kashagan Field
discovered

Bayu-Undan GasCondensate Field
commenced production

2008

INPEX
CORPORATION
founded

1966

Change in names of INPEXFormer
INPEX
founded

1967

1975

2001

Japex Indonesia, Ltd.

Indonesia Petroleum, Ltd.

INPEX CORPORATION

1966

2004
Japan Oil Development Co., Ltd. became
a wholly owned subsidiary of INPEX

North Sumatra OffshorePetroleum ExplorationCo., Ltd.

1982

Upper Zakum Oil
Field commencedproduction

1985

Umm Al-Dalkh
Field commenced
production

1987

Satah Fieldcommenced
production

1973

Japan OilDevelopment Participation in development of Umm Shaif andCo., Ltd. Lower Zakum Oil Fields through acquisition offoundedIVinterest in ADMA BlockVA note from the Chairman

Greetings from the CEO

Toshiaki Kitamura

Takayuki Ueda

Representative Director & Chairman

Representative Director, President & CEO

October 1, 2018 marked the 10th anniversary of the foundation of INPEX CORPORATION throughthe merger of the former INPEX, Teikoku Oil and INPEX Holdings. I would like to extend my sincere
gratitude to all our customers, shareholders and business partners as well as our directors and employees,
both past and present, and their families for their support and guidance, which have allowed us to reach thisimportant milestone.
The merger also allowed INPEX CORPORATION to be enriched by the addition of numerous employees with diverse backgrounds from organizations like Japan Oil Development Co., Ltd. (JODCO) andthe former Japan National Oil Corporation (JNOC), in addition to the three companies mentioned earlier,turning INPEX CORPORATION into the powerhouse it is today.
The last decade has been a period of turmoil not just for us but for the entire oil and gas industry. In2008, the year of our foundation, we witnessed a global economic recession precipitated by the collapse ofLehman Brothers. 2014 saw the beginning of a significant downturn in crude oil prices brought on by the US
shale revolution. But even during these challenging times, INPEX employees collectively strove to improve
efficiencies across the company, which resulted in the strengthening of our business foundations and robust
resilience to oil price fluctuations.
In terms of our projects, the Ichthys LNG Project in Australia commenced production in 2018. Theknowledge and experience we have gained through Ichthys as Japan’s first ever operator of a large-scale LNG
project are invaluable assets that we will draw upon in the planning and execution of the Abadi LNG Projectin Indonesia as well as other future projects, and that will contribute to our long-term growth as a company.
Another significant achievement was the acquisition and extension of oil field concessions offshore
Abu Dhabi in the United Arab Emirates. Over many years, we had been engaged in negotiations with thegovernment and authorities of Abu Dhabi. These negotiations came to fruition as we successfully secured theacquisition and extension of major oil field concessions both onshore and offshore between 2014 and 2018.
Furthermore, our solutions to technical issues concerning crude oil development and production won therecognition of the authorities, leading to our appointment as Asset Leader of the Lower Zakum Oil Field,a giant offshore oil field. As Asset Leader, we will lead efforts to pursue development activities and furtherenhance the oil field’s production capacity.
Meanwhile, in Japan, where we continue to produce stably, we have recently fortified our business
management capabilities by enhancing our natural gas supply infrastructure including facilities such as theNaoetsu LNG Terminal and the Toyama Line extension of our natural gas trunk pipeline network and significantly expanding our gas supply volume.
I believe that through such proactive initiatives, INPEX has successfully laid the foundations to realize
the business targets laid out in VISION 2040 formulated in May 2018.
I look forward to your continued support.
VI

On the occasion of the 10th anniversary of the foundation of INPEX CORPORATION through themerger of the former INPEX, Teikoku Oil and INPEX Holdings, I would like to sincerely thank all ourstakeholders for their unwavering support and understanding of our challenging endeavors. I would also liketo thank all our current and former employees for their hard work and efforts in laying the foundations ofour company.
Over the last decade, I believe we have navigated a tumultuous period punctuated by volatile oil pricefluctuations in a remarkable manner, leveraging the benefits and advantages of the merger. The publication ofthis archive, which contains corporate highlights and key events from the last 10 years, is intended to remind
us of our beginnings so that we may always be mindful of our roots.
This 10th anniversary and the commencement of production of the Ichthys LNG Project have set a newstage in the journey of our company.
The future is becoming increasingly difficult to predict. However, we will continue to remain true toour roots while striving to grow further as one unified company in a new era without becoming complacent
about our past achievements, in the hope that doing so will bring us progressively closer to realizing ourmission of contributing to the creation of a brighter future for society through the stable supply of energy.
This publication provides a comprehensive outlook of our history and our business strategies, and will
hopefully serve as a medium through which our stakeholders may deepen their understanding of our causes.
I also hope that the publication will provide all directors and employees with a source of pride and motivation to succeed over the coming decades. I sincerely look forward to your continued support.
April 2019

April 2019
VII