29 June, 2009 Correction to the Presentation Material of the Financial Results for the year ended March 31, 2009 INPEX CORPORATION today announced that the following corrections have been made to the Presentation Material of the Financial Results for the year ended March 31, 2009, which was disclosed on May 15, 2009. 1. Corrected Page Page 13 2. Corrections Please see attached. （ underlined figures ） 3. Reason for the corrections We revised the page due to correction of the production volume from the Frade Field in the Americas Segment.
< Before Correction> Net Production* Volume Projection Long term production target � Tangguh LNG (800 ‐ 1,000 thousand BOED) +6 Thousand BOED (Expected to start in Apr. ‐ Jun. 2009) � Frade Oil Field 1000 +2 Thousand BOED (Expected to start in the middle of 2009) � Van Gogh Oil Field 900 +4 Thousand BOED (Expected to start in Oct. ‐ Dec. 2009) New Projects 800 Year ended March 31, 2009 ‐ 2011 CAGR: 6.3% 700 (Thousand BOED) 600 � Kashagan Oil Field 458 500 449 447 450 421 405 4% (Expected to start in 2012) 400 4% � Ichthys LNG Project 44% Existing Projects 36% 300 (Expected to start in 2015) 6% 11% 200 � Abadi LNG Project 46% 35% (Expected to start in 2016) 100 8% 6% 0 Mar. '09 Mar. '10(E) Mar. '11(E) Mar. '12(E) Mar. '13(E) Mar. '14(E) 2020 Japan Asia/Oceania Eurasia Middle East/Africa Americas Note: Assuming oil prices (Brent) of $52.5 in the year ending March 31, 2010 and $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 contracts entered into by INPEX Group corresponds to the net economic take of our group. 13 0 < After Correction> Net Production* Volume Projection Long term production target � Tangguh LNG (800 ‐ 1,000 thousand BOED) +6 Thousand BOED (Expected to start in Apr. ‐ Jun. 2009) � Frade Oil Field 1000 +4 Thousand BOED (Expected to start in the middle of 2009) � Van Gogh Oil Field 900 +4 Thousand BOED (Expected to start in Oct. ‐ Dec. 2009) New Projects 800 Year ended March 31, 2009 ‐ 2011 CAGR: 6.9% 700 (Thousand BOED) 600 � Kashagan Oil Field 462 500 454 452 454 424 405 5% (Expected to start in 2012) 400 4% � Ichthys LNG Project 43% Existing Projects 36% 300 (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 Middle East/Africa Americas Note: Assuming oil prices (Brent) of $52.5 in the year ending March 31, 2010 and $60 in the March 31, 2011 or later in the light of the recent market conditions. 13 * The production volume of crude oil and natural gas under the production sharing contracts entered into by INPEX Group corresponds to the net economic take of our group. 1
Financial Results for the year ended March 31, 2009 INPEX CORPORATION May 15, 2009
Agenda � Corporate Overview � Outlook � Financial Results for the year ended March 31, 2009 � Consolidated Financial Forecasts for the year ending March 31, 2010 1
Cautionary Statement This presentation includes forward ‐ looking information that reflects the plan and expectations of the Company. Such forward ‐ looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves known and unknown risk, uncertainties, and other factors. Such risks, uncertainties and other factors may cause the Company’s performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward ‐ looking information. Such risks, uncertainties and other factors 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 pertaining to the exploration, development and production The Company undertakes no obligation to publicly update or revise the disclosure of information in this presentation (including forward ‐ looking information) after the date of this presentation. 2
Corporate Overview Naoki Kuroda Representative director, President
FY 2009/03 Corporate Highlights � Completed full integration between INPEX and Teikoku Oil in October 2008 � Net profit down by 16%: under severe business environment such as sharp drop in oil prices under worldwide economic recession after historical high price in July 2008, and yen appreciation � Proved + probable reserves increased by approximately 10%: additions in Ichthys, ADMA Block, Kashagan Oil Field, etc. � Net production down by 4%: change in profit share in ACG Oil Fields etc. � Actively acquired new exploration blocks (Indonesia, Australia, Brazil) � Deeply committed to preparation work for Ichthys and Abadi LNG projects, our mid ‐ to long term growth driver 4
Proved Reserves* By Resource Type By Region 2,000 2,000 1,775 1,770 1,775 1,770 1,800 1,800 1% 1,645 1% 1,645 1,598 1,598 2% 1,600 1,600 2% 630 685 1,400 1,400 558 550 45% 48% 45% 1,200 43% 1,200 MMBOE MMBOE 1,000 1,000 7% 12% 800 800 12% 13% 600 600 1,139 1,090 1,087 1,048 35% 33% 400 32% 33% 400 200 200 9% 9% 10% 9% 0 0 Mar. '06** Mar. '07 Mar. '08 Mar. '09 Mar. '06** Mar. '07 Mar. '08 Mar. '09 Japan Asia/Oceania Eurasia Middle East/Africa Americas Oil/Condensate/LPG Natural Gas Note: * Proved reserve volumes are based on the reserves report (preliminary) by DeGolyer and MacNaughton applying SEC regulations. Reserves that DeGolyer and MacNaughton did not evaluate are excluded. Volumes attributable to the equity method affiliates are included. ** Simple sum, assuming that integration of INPEX and Teikoku had taken place in the year ended March 31, 2006 5
Proved + Probable Reserves * RP Ratio*** 5,000 4,774 4,366 4,500 4,000 3,728 3,655 3,500 3,176 2,721 3,000 1,959 MM BOE 1,881 2,500 32.3 years 2,000 1,500 1,000 1,775 1,770 10.8 1,645 1,598 years 500 0 Mar. '06** Mar. '07 Mar. '08 Mar. '09 Proved Reserves Probable Reserves * Proved reserve volumes are based on the reserves report (preliminary) by DeGolyer and MacNaughton applying SEC regulations. Probable reserve volumes are based on the reserves report (preliminary) by DeGolyer and MacNaughton applying SPE/WPC/AAPG/SPEE guideline (SPE ‐ PRMS). Reserves that DeGolyer and MacNaughton did not evaluate are excluded. Volumes attributable to the equity method affiliates are included. ** Simple sum, assuming that integration of INPEX and Teikoku had taken place in the year ended March 31, 2006 *** Reserve Life = Proved (+Probable) Reserves as of March 31, 2009 / Production for the year ended March 31, 2009 (RP Ratio: Reserve Production Ratio) 6
Net Production* (FY Mar. 2009) 423 405 Main increase factor 3% ・ Farm ‐ in of Block 18, 400 4% Ecuador in Oct. 2008 (+2MBOE/D) 34% 36% 300 Main decrease factor (MBOED) ・ Change in profit share and 13% completion of initial cost 6% recovery in ACG Oil Fields 200 ( ‐ 30MBOE/D) 42% 46% Main increase factor 100 ・ Production start in Kerishi Field since Dec. 2007 (+9MBOE/D ） 8% 8% 0 Mar. 08 Mar. 09 Japan Asia/Oceania Eurasia Middle East/Africa Americas * The production volume of crude oil and natural gas under the production sharing contracts entered into by INPEX Group corresponds to the net economic take of our group. 7
Ichthys LNG Project Condensate LNG More than 8 MMt/a 85 Thousand bbl/d (peak rate) LPG 1.6 MMt/a Condensate 15 Thousand bbl/d (peak rate) � Selected Darwin, Northern 42 ” x approx. 850 km Darw in Territory as the location for gas liquefaction facility in Sep. 2008 � FEED work ‐ Jan. 2009: natural gas liquefaction plant Ichthys ‐ Apr. 2009: offshore facilities Development Concept � Production volume (expected): More than 8 MM t/a of LNG 1.6 MM t/a of LPG 100,000 bbl/d of condensate (Peak Rate) � FID target: 2010 � Production start target: 2015 8
Abadi LNG Project � Submitted Plan of Development (POD) to Indonesian Government (BPMIGAS) in Sep. 2008 and acquired the approval from the Indonesian Government � INPEX proposal - Floating LNG concept FLNG Image - Production capacity : annual average of 4.5 MM tons of LNG for more than 30 years - Expected start ‐ up: around 2016 � FEED to start by the end of 2009 � FID Target: 2011 9
Domestic Natural Gas Business � Naoetsu LNG Receiving Terminal – FID to construct a LNG receiving Receiving Terminal Image terminal in the port of Naoetsu in Joetsu city, Niigata Prefecture in August 2008 – Total investment cost of approximately 100 billion yen (including the cost of construction and land acquisition etc.) � Domestic Natural Gas Sales Plan in FY 2010/03 - Total sales volume decreases by approximately 3%: continuing demand decrease of industrial users under economic recession since 2 nd half FY 2009/03 (FY 2009/03) 1,625MMm 3 → (FY 2010/03) 1,577MMm 3 - Gradually correcting price difference between domestic gas price and LNG price 10
Outlook Naoki Kuroda Representative director, President
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