Japex will boost profits to 100 billion yen in FY2035 through overseas expansion

Japan Petroleum Exploration announced on Wednesday that it plans to increase its net profit from 45 billion yen (about $628.38 million) in fiscal 2025 to 100 billion ($628.38 million) by fiscal 2035. This will be achieved by increasing overseas exploration and production, as well as its carbon capture and utilization and storage businesses.

The company stated that it plans to invest 1.5 trillion yen over the next ten years in growth areas, including 900billion yen for fiscal 2026-2031 and the rest allocated to fiscal 2032-2035.

The company also intends to "start storing 1.5-2 million metric tons annually" by the fiscal year 2031. It aims for a cumulative total 8 million tons by fiscal 2035.

The company's goal is to increase return on equity (ROE), from 6.7% in fiscal 2025, to 12% by fiscal year 2035.

Last week, Japex announced that it had secured two liquefied gas cargoes from non-Middle East countries as a'replacement' for the ones originally planned to be purchased from the Gulf during the April-June quarter in response to the Strait of Hormuz blockade. Reporting by Yuka Obayashi; Editing done by Ronojoy Mazumdar.

(source: Reuters)