Sustainability Report 2022

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Sustainability Report 2022

Message from the President & CEO

It is with sadness that I must once more commence my annual message by extending my sympathies to the many people affected by the conflict in Ukraine and the surrounding region. All of us at INPEX continue to hope a peaceful resolution to this situation is near.

Since last year, we have been facing an uncertain future with the tight supply of natural gas due to Russia’s invasion of Ukraine. This challenge has reinforced our understanding that stable energy supply is essential to our lives and economic activity. At the same time, the whole world is facing the same energy trilemma—how to balance the sometimes contradictory demands of energy transition, energy security, and energy affordability. And by affordability, I mean stable access to energy, both in terms of quantity and price, for people all around the world. At INPEX, we have been working hard to identify the risks and opportunities of operating in this challenging business environment. We also understand our stakeholders are calling on us to deliver stable energy supplies and energy transition with a greater sense of urgency than ever before.

Against this backdrop, through Ichthys LNG in Australia and our other oil and gas projects around the world, we were able to deliver to our customers a record-high production volume of 622,000 barrels of crude oil equivalent per day in FY2022. It was also a year of sowing seeds for the future. We have been actively pursuing initiatives for our five net zero businesses, and invested around 80 billion Japanese yen in new renewable energy projects in FY2022, including offshore wind power generation in Europe and geothermal power generation in Indonesia. We also made the final investment decision on our integrated verification trial of hydrogen and ammonia production and use in Kashiwazaki City, Niigata Prefecture and we successfully bid on a concession for adopting carbon capture and storage at our Ichthys project.

In addition to climate change, we recognize the important role we play as an integrated energy company in addressing other key global environmental issues that have become increasingly diverse in recent years, such as biodiversity, water, and waste management. At the end of 2022, we revised our Health, Safety and Environmental Policy and announced specific commitments in three areas—biodiversity conservation, water management, and waste management. For our businesses located in critical habitats, we will develop and implement Biodiversity Action Plans (BAP), including creating net positive impact.

Going forward, INPEX will continue in its mission to provide a stable supply of diverse forms of sources in a sustainable way.