By Alex Kimani – Apr 22, 2026, 11:30 AM CDT
Japan Petroleum Exploration (Japex) has unveiled plans to invest 1.16 trillion yen ($7.3 billion) in exploration and production in a bid to quadruple oil and gas output over the next decade, mainly in the United States. Japex has set a goal to raise net profit to 100 billion yen and achieve a 12% Return on Equity (ROE) by 2035.
In February, Japex completed the acquisition of Denver-based tight oil company, Verdad Resources, in a $1.3-billion deal, the company’s largest ever M&A transaction. The merger gives Japex exposure to the sprawling U.S. shale sector, including tight oil and gas assets in Colorado and Wyoming. The company will direct more than half of that investment into the U.S. market as it looks to develop existing assets and pursue further acquisitions.
Outside the U.S., Japex is also focusing on expanding production and exploration in Norway and Southeast Asia, particularly Indonesia. The company operates in Norway through its subsidiary, Japex Norge AS (J Norge), focusing on areas with established infrastructure to enable cost-efficient development. Recently, J Norge agreed to acquire a 20% interest in Production License PL1119 from OKEA ASA, including the Mistral South gas field and the Mistral North exploration prospect. Last year, Japex commenced production at the Verdande oil and gas fields and aims to start producing at the Alve Nord field in the first half of 2027.
Last year, Japex divested its 25% stake in Indonesia’s mature Kangean block and acquired a 50% stake in the Gebang gas block in northern Sumatra. The company is leading the development of the Secanggang gas field within the Gebang block, with production expected to come onstream by 2027. Japex is also pursuing the Sukowati CCUS project and the Limau BECCS project as part of its commitment to becoming a “comprehensive energy company” that addresses both energy security and decarbonisation Japex has also unveiled plans to store 8 million metric tons of CO2 cumulatively by 2035 as part of its CCUS operations.
By Alex Kimani for Oilprice.com
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Alex Kimani
Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
