INPEX has been growing as an oil and gas upstream company. Its core business is exploration, development and production of oil and gas. The current business environment has been dramatically changing reflecting the global response to climate change and transition to a low-carbon society, and the impact of the global pandemic of COVID-19 as well as the geopolitical factors. It is not easy to survive in this circumstance, however, these challenges can be opportunities to expand the business area.
In February 2022, INPEX announced "Long-term Strategy and Medium-term Business Plan(INPEX Vision @2022)," conveying its plans to become a leading company supplying diverse energy sources stably by maintaining its focus on making oil and gas cleaner while proactively engaging in new business areas, namely hydrogen/ammonia, carbon capture and storage/carbon capture, utilization and storage(CCS/CCUS), renewable energy, carbon recycling/new business (INPEX calls "5 net zero businesses")and forest conservation towards 2050.
Based on the long-term strategy, INPEX has developed "INPEX Corporate Technical Strategy", which consists of three main streams,(i)oil and gas,(ii)CCS/CCUS, geothermal power generation where its knowledge and experience on the oil and gas business can be utilized, and(iii)R&D to realize carbon neutral. With regard to resources,( i ) and(ii)are managed with the existing resources, while(iii)requires new resources. In order to progress the R&D, INPEX established "INPEX Research Hub for Energy Transformation"(I-REHX), which serves as a hub for industry- government-academia networks involved in the development and advancement of clean energy technologies.