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JX Nippon: The New Mission

Hironori Wasada, senior vice president of JX Nippon Oil & Gas Exploration, highlights the ambitions and challenges facing the domestic and international operations of his company.

What is the current status of the oil and gas industry in Japan?

Japan imports almost 99.6% of its oil requirements, as we produce only 14,000 BOPD, which is less than 0.4% of our consumption. For gas, Japan produces about 3% of its consumption, with 97% of our consumption imported in the form of liquefied natural gas (LNG).

The country is trying to reduce its energy export reliance, and the Japanese government is assisting and encouraging local companies to search for oil and gas offshore. Onshore fields in Japan are old and have started depleting, and recently a Japanese firm made a trial production of shale oil from an onshore oil field. In addition, the government is looking for alternative energy resources to meet growing local demand, and is currently looking at the commerciality of offshore methane hydrates.

Also, several companies recently have been listed on the local stock exchange, which has put the industry under the scrutiny of investors who expect it to deliver revenue.

 

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JX Nippon: The New Mission

Abdelghani Henni, JPT Middle East Editor

01 March 2014

Volume: 66 | Issue: 3

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