INPEX : and JERA Sign Agreement to Jointly Study Feasibility of Japan-Australia CCS Value Chain

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN

May 10, 2024

INPEX and JERA Sign Agreement to Jointly Study Feasibility of

Japan-Australia CCS Value Chain

Tokyo, Japan -INPEX CORPORATION(INPEX) announced it has signed an agreement with JERA Co., Inc (JERA) to conduct a joint study to assess the feasibility of establishing a Carbon Capture and Storage (CCS) value chain involving the capture of CO2 in Japan and its transportation to Australia for storage.

INPEX was awarded a greenhouse gas storage assessment permit in the Bonaparte Basin off the northwestern coast of the Northern Territory of Australia with TotalEnergies CCS Australia Pty Ltd and Woodside Energy Ltd in 2022. This project provides an opportunity to prove up a large-scale carbon storage site for the Darwin-based, carbon capture, utilization and storage (CCUS) Hub proposed by the Northern Territory Government and has the potential to become one of the largest CCS projects in the world. INPEX-operated Ichthys LNG would be a natural user of this CCS solution as it seeks to reduce its GHG emissions.

JERA, Japan's largest power generation company, has been considering the feasibility of capturing carbon from its domestic business and transporting CO2 for storage outside Japan, where reservoirs with potentially large storage volumes are expected to be found. By collaborating with JERA, INPEX expects to help build a global CCS value chain and contribute to the transition to a decarbonized society.

INPEX is working actively to redevelop the energy landscape for the purpose of helping create a net zero carbon society by 2050 while meeting energy demand in Japan and around the world. The company's Long-term Strategy and Medium-term Business Plan (INPEX Vision@2022) announced in February 2022 positions CCUS as one of the five net zero business areas and sets a target of achieving an annual CO2 injection volume of 2.5 million tons or more by around 2030. INPEX seeks to become a leading company in the field of CCUS by pursuing technical development and commercialization.

1 The Commonwealth Scientific and Industrial Research Organisation (CSIRO) is leading the development of the Low-emissions CCUS Hub business case, in collaboration with the Northern Territory Government, INPEX and other industry participants.

About INPEX

INPEX CORPORATION is Japan's largest exploration and production (E&P) company and is currently involved in projects across multiple continents, including the Ichthys LNG project in Australia (as Operator). By thoroughly making its oil and gas business cleaner while expanding its five net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen, ammonia and renewables as a pioneer in energy transformation. For more information, visit https://www.inpex.co.jp/english/index.html.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) [phone]