Japan Petroleum Exploration Company (Japex)

= Global Snapshot =

Japex is a Tokyo-based oil company established as a private company in 1970 and traded on the Tokyo stock exchange since 2003. The company's principal operating areas are, domestically, Hokkaido, Akita, Yamagata and Niigata in Japan, and overseas, Canada, the United States, Iran, Iraq, Indonesia, China, the Philippines, Russia and Libya.

The Japanese government owns a 34% share in Japex, which in 2011 had proved reserves of 272 million barrels of oil equivalent (boe).

In September 2011, the Japanese government stated it was considering selling its stakes in Japex in order to use the funds for reconstructions of the northeastern areas of the country that were devastated by the March 2011 earthquakes and tsunami. The stakes, which were held in a special account, were worth at the time approximately ¥ 700 billion in investments oil and gas-related developments.

Company Report Highlights
Japex reported a growth in total assets from ¥ 578,059 million yen in 2007 to ¥ 620,946 million (about $7.5 billion) in 2008. In their 2008 Annual Report, they set out a number of targets, including the figure of recoverable reserves of 350 million boe by the end of March 2013, and the estimated investment of estimated ¥110 billion over five years for exploration work in existing projects.

Average net production volume during the fiscal year of 2008 was 20,167 barrels of oil per day, including bitumen, and 3,521 thousand m3/d (124 million cubic feet per day (mmcf/d)) of natural gas - equivalent to another 42,316 barrels of oil equivalent per day (boe/d).

By March 2010, Japex's annual report indicated that total assets had shifted to ¥521,009 million (about $5.6 billion). The company's net production volume during the same year was 17, 681 boe/d, including bitumen, and the oil equivalent of 21,551 boe/d of natural gas.

=Official Accreditations and Global Perceptions=

= Transparency =

EITI Supporter Status
As of 2012 Japex was not a supporting company of EITI.

UN Global Compact
As of 2012 Japex was not a member of the UN Global Compact.

CSR Review
According to official company documents, Japex's CSR Activities include:

of regional communities in which domestic operations are located. The company is also promoting a greater understanding about their business activities.
 * Sponsored lectures at universities and graduate schools to help develop human resources that can contribute to future energy resource development by promoting academic research at universities and supporting the education of engineers.
 * Participation in and sponsorship of local festivals and other events to deepen mutual exchanges among the residents
 * From 2010 onward, safety initiatives which included a zero occupational accidents policy, pollution prevention, and improving company workplaces' healthiness and comfort.

External Coverage

 * According to comments by Japex officials in 2012 the progress of the Russia-Japan LNG project accelerated following Japan's earthquake and nuclear crisis in March 2011. The goal was to line up additional short term supplies to feed thermal generators and to make up for shortfalls in electricity supplies.

= Global Operations by Country=

Iraq
"Main article: Japex Operations in Iraq"

=References=

