- Business
- Japan Petroleum Exploration Co., Ltd. (JAPEX) engages in the exploration, development, production, and sale of oil, natural gas, and other energy resources; contract services including drilling; development of renewable energy sources such as solar, wind, geothermal, and biomass; and electric power supply. Founded in 1955 as a government-owned entity and reorganized as a private company in 1970, the company, headquartered at SAPIA Tower in Marunouchi, Chiyoda-ku, Tokyo, operates primarily in Japan across regions like Hokkaido, Akita, Niigata, and Yamagata, with overseas activities in the United States, Canada, Indonesia, Iraq, Libya, Norway, and the United Kingdom North Sea. JAPEX maintains proven reserves, LNG terminals, gas pipelines, and power plants including Fukushima Natural Gas, Abashiri Biomass, Ozu Biomass, Chofu Biomass, and Tahara Biomass facilities; it also pursues carbon capture and storage (CCS) projects, battery energy storage systems (BESS) such as the recently commenced JAPEX Mihama and Tomakomai systems, and solar power initiatives like the 13MW Tomakomai plant and off-site PPA arrangements to reduce CO2 emissions. Recent developments include an equity commitment to Peoria Resources in March 2025 for U.S. onshore oil and gas assets as part of a $1.5 billion exploration and development plan through FY2030; partnership with PT Energi Mega Persada Tbk in May 2025 for 50% stake in Indonesia's Gebang gas block to accelerate development; transfer of gas manufacturing, sales, and pipeline business in Hokkaido; construction start of Tomakomai BESS and exploratory drilling for CCS in Tomakomai; virtual PPA for steelworks CO2 reduction equivalent to 30% of annual electricity use; fuel conversion to natural gas in Yamagata's Higashine Omori Industrial Park cutting emissions by 30%; and commercial operations of multiple biomass and BESS facilities in 2024-2025 alongside participation in U.S. Freeport LNG and Norwegian offshore blocks.