INPEX Busin ness Strategy and Two LNG Project d T LNG P j t t ts ‐ Ichthys and Abadi I hth d Ab di INPEX COR RPORATION July 3 , 2009 Age Age enda enda � Mid ‐ to ‐ long Term B Business Strategies � Gas Market � Ichthys LNG Projec � Ichthys LNG Projec ct ct � Abadi LNG Project Ab d t 1
Cautionary Cautionary y Statement y Statement This presentation includes forward looking This presentation includes forward ‐ looking g information that reflects the plan and g information that reflects the plan and expectations of the Company. Such forward d ‐ looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves know tl il bl t it d i l k wn and unknown risk, uncertainties, and d k i k t i ti d other factors. Such risks, uncertainties and other factors may cause the Company’s performance, achievements or financial po sition to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward ‐ looking information. Such h risks, uncertainties and other factors include, without limitation: include, without limitation: � Price volatility and change in demand in crude oil and natural gas � Foreign exchange rate volatility � Change in costs and other expenses per rtaining to the exploration, development and production The Company undertakes no obligation to The Company undertakes no obligation to publicly update or revise the disclosure publicly update or revise the disclosure of information in this presentation (includi ing forward ‐ looking information) after the date of this presentation. 2 Mid ‐ to ‐ long Term B i o o g e Business Strategies u i e a egie Katsujir ro Kida Director Executiv Director, Executiv ve Vice President ve Vice President
Awareness of The Bu Awareness of The Bu usiness Environment usiness Environment � Recent international financial crisis an nd a decrease in energy demand gy � Risks of rapidly and drastically fluctu uating oil and gas prices � Increasing priority of natural gas in re esponse to environmental issues � I � Increasingly intense competition for r i l i t titi f resources, mainly, among the major i l th j international oil and gas companies a and the state enterprises in China and India � Rising technical and economic hurdle es as project sites shift towards frontier areas � To replace reserves is necessary, but d difficult to implement � Escalated exploration and production � Escalated exploration and production n costs and increased risks of production n costs and increased risks of production schedule delay � The international business environ nment surrounding the upstream industry has been increasingly sev vere and uncertain � Stable demand for natural gas/LN � Stable demand for natural gas/LN NG in the long term NG in the long term 4 Our St Our St rength rength � Strong reserve/resource ba ase � Large ‐ scale LNG projects a as an operator � Gas supply chain � Strong financial position Strong financial position � Financial scheme by gover � Financial scheme by gover nmental financial nmental financial institutions in Japan 5
Strong Reserve/ Strong Reserve/ /Resource Base /Resource Base 3,348 Reserve Life** （ RP Ratio ） 5,000 4,774 4,500 Possible Reserves + Gas 4,000 Contingent Resources 1,823 3,500 （ 44% ） 3,176 3,176 3,000 MMBOE 2,500 32.3 years 2,000 2,000 1,598 1 598 Liquids 1,500 484 484 484 2,651 1,000 （ 56% ） 10.8 years years 1 114 1,114 1 114 1,114 1 114 1,114 500 500 0 Proved Proved Proved Probable Proved + Developed Undeveloped Reserves Reserves Probable Reserves Reserves Reserves * Proved reserve volumes are based on the reserves report (preliminary) by DeGolye er and MacNaughton applying SEC regulations. Probable reserve volumes are based on the reserves report (preliminary) by DeGolyer and MacNaughton applying SPE/WPC/A AAPG/SPEE guideline (SPE ‐ PRMS) approved in March 2007. The volumes are the sum of proved reserves and probable reserves by SPE ‐ PRMS after deduction of proved reserves by SEC regulations. Volumes attributable to the equity method affiliates are included. 6 ** Reserve Life = Proved (+Probable) Reserves as of March 31, 2009 / Production for the e year ended March 31, 2009 (RP Ratio: Reserve Production Ratio) Mid ‐ to ‐ Long Term Objecti ives for Corporate Growth and Fundamen d F d ntal Strategies t l St t i Mid ‐ to ‐ Long Term Objectiv g j ves for Corporate Growth p � Raise the daily production level up p to 800,000 to 1 million barrels (crude oil equivalent) by 2020, and establish a a firm position as a global independent upstream company with global com upstream company with global com mpetitiveness mpetitiveness � Maintain RRR to be over 100% in m mid ‐ to ‐ long term � Establish a gas supply chain with t � E bli h l h i i h the upstream business of oil and natural h b i f il d l gas remaining as our core business s, as well as evolve into a company with other fortes besides oil and natural l gas, supplying diversified energies g pp y g g � Maintain financial health, empowe er corporate vitality, and increase corporate value Fundamenta al Strategies � Sustainable expansion of our upst p p tream business � Establishment of a gas supply cha ain and proactive expansion of the gas business � Evolvement into a company that o offers diversified forms of energy 7
Net Production* V Net Production V Volume Projection Volume Projection � Frade Oil Field Long term production target +4 Thousand BOED (Started in Jun. 2009) (800 ‐ 1 000 thousand BOED) (800 ‐ 1,000 thousand BOED) � Tangguh LNG h G +6 Thousand BOED (Started LNG produc ction in Jun. 2009 and 1000 expected to ship 1st cargo soon) � Van Gogh Oil Field 900 +4 Thousand BOED (Expected to start in O Oct. ‐ Dec. 2009) New Projects 800 Year ended March 31, 2009 ‐ 2011 CAGR: 6.9% 700 and BOED) 600 � Kashagan Oil Field 462 500 454 452 454 424 424 (Thousa 405 5% (Expected to start in 2012) 400 4% � Ichthys LNG Project 43% Existing Projects 36% 300 (Expected to start in 2015) (Expected to start in 2015) 6% 11% 200 � Abadi LNG Project 46% 35% (Expected to start in 2016) 100 8% 6% 0 2020 Mar. '09 Mar. '10(E) Mar. '11(E) Mar. '12(E) Mar. '13(E) Mar. '14(E) Japan Asia/Oceania Eurasia Mi iddle East/Africa Americas Note: Assuming oil prices (Brent) of $52.5 in the year ending March 31, 2010 and $6 60 in the March 31, 2011 or later in the light of the recent market conditions. * The production volume of crude oil and natural gas under the production sharing c contracts entered into by INPEX Group corresponds to the net economic take of our group. 8 Gas M a Market a e Katsujir ro Kida Director Executiv Director, Executiv ve Vice President ve Vice President
World Natural Gas World Natural Gas Demand Projection Demand Projection Projection TCF 180 ral Gas Demand Growth CAGR （ 2006 ～ 2030 ） : 1.59% World Natur ia Natural Gas Demand CAGR （ 2006 ～ 2030 ） : 3.17% Asia/Oceani 160 140 120 120 100 80 60 40 20 20 0 1990 1990 2005 2005 2006 2006 2010 2010 2015 2015 2020 2020 2025 2025 2030 2030 Asia/Oceania Europe （w/o Russia） North America Middle e East Russia Latin America Africa Source: EIA International Energy Outlook 2009 10 LNG Demand Pr LNG Demand Pr rojection in Asia rojection in Asia mtpa mtpa Sup pply & Demand Gap 200 200 200 200 (appr rox. 75mtpa in 2020) 180 180 160 160 140 140 120 120 100 100 80 80 60 60 60 60 Japan Demand Japan Demand Korea Korea Demand Demand Taiwan Demand Taiwan Demand 40 40 China Demand China Demand India D India D Demand Demand Others Demand Others Demand 20 20 Contractual Supply Contractual Supply 0 0 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Source: Wood Mackenzie 11
Asia Pacific New & Expa Asia Pacific New & Expa anded LNG Projects anded LNG Projects Startup from mid-2010s onward Area Project Capacity (mtpa) ( ) < Australia > Australia-Pacific LNG 7.0 Gorgon 15.0 GLNG 3.5 Gladstone LNG Gladstone LNG 1.5 1 5 Ichthys 8.4 Pluto Expansion 4.8 QC LNG QC LNG 7.4 7 4 < Other Asia Pacific Area > Abadi 4.5 Donggi Senoro LNG 2.0 PNG LNG PNG LNG 6 3 6.3 Sakhalin Expansion 4.8 Total Total 65.2 65 2 Source: Wood Mackenzie 12 LNG M Market i in the Middle Ea th Middl E ast & the Atlantic t & th Atl ti New LNG Supply for European & North America an Market Shtokman Kitimat LNG Skikda Rebuild Arzew LNG (GL3-Z) Damietta Exp. Libya Libya a Exp. a Exp. Qatargas-3 Qatargas-3 Qatargas-4 Rasgas-3 Bra ass LNG Venezuela LNG NLN NG VII Plus Eq Eq quatorial Guinea LNG 2 quatorial Guinea LNG 2 A Angola LNG Peru LNG LNG Market LNG Flow New & & expanded LNG Projects in the Middle East & the Atlantic 13
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