Global Navigation:

Investor Relations

Medium-term Business Plan 2018-2022

INPEX Growth Strategy to 2040

∗1 For VISION 2040, see


↓This chart is scrollable horizontally.

Crude Oil Price (Brent) A moderate upward trend toward US$70/bbl within the US$50 - 70/bbl range
Exchange Rate Around ¥110/US$

Cash Allocation

  • Cash allocation for the 5-year period of the Medium-term Business Plan∗2 (US$60/bbl and ¥110/US$)

  • Allocate cash flow from operations and others in the following order of priority
    (1) Debt Reduction, (2) Shareholder Returns, (3) Investment for Growth

∗2 Figures are for guidance only and are inclusive of the Company’s equity share (62.245%) of Ichthys downstream JV. Subject to adjustment as necessary based on external factors such as crude oil prices, investment opportunities, allocation to shareholder returns, others.

Financial Targets

  • Financial targets∗3 (US$60/bbl and ¥110/US$)

  • Achieve steady growth from stable production at the Ichthys LNG project
  • Net Income Sensitivity in FY2022

    Brent crude oil price; US$1/bbl increase (decrease) : +¥8.0 billion (-¥8.0 billion)

    Exchange rate; ¥1/US$ depreciation (appreciation) : +¥2.0 billion (-¥2.0 billion)
  • Maintain financial strength while expecting an equity ratio of 50% or higher
  • Maintain financial and corporate resilience even if the crude oil prices drop to US$50/bbl

∗3 Financial accounting basis

Business Targets (1) Oil and Natural Gas Upstream

Quantitative Targets

Sustain growth to approach top 10 IOCs

Specific Initiatives

↓This chart is scrollable horizontally.

1 Exploration
  • Pursue organic growth targeting a solid returns
  • Continue exploration activities in the priority exploration areas
    Note: Priority exploration areas include the northwest shelf of Australia, the Gulf of Mexico and Norway
  • Increase exploration inventory through continuous exploration activities
2 Development/
  • Seek greater operational efficiency and increase reserves and production volume through additional development
  • Increase project value using existing facilities
    e.g. Leverage existing Ichthys infrastructure to commercialize undeveloped gas discoveries, etc.
3 Asset Acquisition/
  • Strategically pursue asset acquisitions and M&A
  • Expand existing core business areas, move into new areas and businesses, generate synergies with existing exploration activities, etc.
4 Core Business
  • Implement measures to expand core business areas
5 Operatorship
  • Apply experience and expertise as operator to other projects effectively
  • Implement projects in line with corporate strategies
  • Ensure flexibility in adapting to changes in business environment including crude oil price fluctuations
  • Secure opportunities for developing personnel and improving technical capabilities

Key Project Milestones

↓This chart is scrollable horizontally.

Key Projects Milestones Website Special site
Ichthys LNG Project Start production
Quickly achieve and maintain stable operations
Our Business > Australia & Timor Sea Joint Petroleum Development Area Ichthys LNG Project
Abadi LNG Project Conduct pre-FEED and FEED works targeting
FID at an early stage
Our Business > Indonesia
Abu Dhabi Offshore
and Onshore Oil
Increase production through additional
Our Business > Middle East & Africa
Minami-Nagaoka Gas
Maintain production as a stable source of
natural gas to the domestic market
Our Business > Japan
Kashagan Oil Field Increase production through additional
Our Business > Eurasia
ACG Oil Fields Promote initiatives for additional development Our Business > Eurasia
Eridu Oil Field
(Block 10 in Iraq)
Prepare for development
Prelude FLNG Project Start production
Quickly achieve and maintain stable operations
Our Business > Australia & Timor Sea Joint Petroleum Development Area

Business Targets (2) Global Gas Value Chain

Achieve top-level LNG entitlement in Asia and Oceania

  • Domestic (Japan)
    Achieve annual natural gas supply volume of 2.5 Bm³
    Continue marketing activities to further increase annual natural gas supply volume to 3 Bm³
  • Overseas
    LNG/Gas marketing for FID on Abadi LNG project
    Create natural gas demand in Asia and other growing markets
    Establish a flexible supply system by effectively deploying LNG fleet and strengthening capabilities to adapt to changing markets

Business Targets (3) Renewable Energy

Develop renewable energy to comprise 10% of the project portfolio as targeted in VISION 2040

  • Promote geothermal power generation business
    Pursue synergies with oil and gas E&P activities
    Domestic : FID on ongoing projects in Oyasu (Akita Pref.) and Amemasudake (Hokkaido Pref.)
    Overseas : Stable operation of Phase 1 at Sarulla Geothermal IPP Project in Indonesia
          Pursue new business opportunities
  • Proactively enter wind power generation business
    Steadily conduct and expand the domestic onshore wind power business, with a view toward pursuing offshore wind power business opportunities
  • Enhance R&D of renewable energy technologies
    Develop technologies for an electricity-hydrogen-methane value chain

Shareholder Returns

  • In FY2018, plan to issue a commemorative dividend following the Ichthys LNG Project’s start-up and shipment of cargo
  • Shareholder return policy during FY2018-2022

Maintain base dividends not falling below ¥18 per share plus the commemorative dividend as above
Enhance annual dividends in stages by increasing the dividend per share in accordance with the growth of the Company’s financial results

Payout ratio: 30% or higher

To top of page

Stock Quotes (Real Time)
Sub Navigation:
  • Oil and Gas Glossary
  • Unit conversion
  • Download Annual Report
Corporate responsibility at a glance