Japan Petroleum Exploration Co., Ltd. (JAPEX) will establish a new organization, "Carbon Reduction Project Office," in the Domestic E&P Project Division on October 1, 2021. The new organization is responsible for promoting comprehensive examinations of carbon-neutral measures in our oil and gas fields in Japan, such as reduction of Greenhouse Gas (GHG) emission from development and production operations and storage of carbon dioxide (CO2) in the ground with the expectation for reducing actual CO2 emission.
JAPEX formulated "JAPEX2050: Toward a Carbon-Neutral Society" in May 2021, which is a fresh outline of the responsibilities and challenges that JAPEX must take on in order to achieve the goal of net-zero CO2 emissions by 2050 worldwide, and presents a clearer direction for JAPEX's future actions and business development.
"JAPEX2050" has a goal to achieve the "Net-Zero in 2050" in our operations (Scope1+Scope2) with a first step to reduce 40% CO2 emission per unit of our operations until 2030 compared to fiscal 2019. In addition, it sets our initiatives to promote CCS (Carbon dioxide Capture and Storage)/CCUS (Carbon dioxide Capture, Utilization, and Storage) and others for early realization and commercialization, aiming to realize a carbon-neutral society.
The new organization will be established in the Domestic E&P Project Division to strengthen its carbon-neutral measures in our oil and gas fields in Japan based on "JAPEX2050." The new organization will start with the examination and execution of specific actions to reduce CO2 emission in our operation with the Technology Division and others appropriately.
The new organization will also support improving the evaluation accuracy of the potential amount of CO2 storage in the ground and promote comprehensive examinations of issues in the phase of the CO2 storage operation in collaboration with related divisions and departments, taking into account the ongoing studies' status of the CO2-EOR/EGR (Enhanced Oil/Gas Recovery) demonstration test in our domestic oil and gas fields proceeded by the carbon-neutral businesses planning departments.
By steadily progressing "JAPEX2050" through the company-wide measures for pursuing new possibilities of stable energy supply in a carbon-neutral society, JAPEX will continue to aim for further growth as a comprehensive energy company.