Financia l Results for the six months end f th i th d d d S ded September 30, 2011 t b 30 2011 INPEX COR RPORATION Novemb ber 7, 2011
Age Age enda enda 1. Corporate Overview Represent tative Director, President & CEO i Di P id & CEO Toshiaki Kitamura 2. Financial Results for th 2. Financial Results for th he six months ended he six months ended September 30, 2011 Direc Direc tor Managing Executive Officer tor, Managing Executive Officer Head of f Finance & Accounting Division M Masahiro Murayama hi M 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
Corporate Corporate Overview Overview Toshiaki K Kitamura Representative Direct Representative Direct tor President & CEO tor, President & CEO
Corporate Corporate Highlights Highlights Half year results : Net sales in Half ‐ year results : Net sales in ncreased by 32% to ¥573 1 billion ncreased by 32% to ¥573.1 billion, Net profit increased by 47% to o ¥74.3 billion. I hth Ichthys LNG project : prepara LNG j t ation for development progressing ti f d l t i Abadi LNG project : agreed to p j g o transfer a 30% participating p p g interest to Shell Progress of Gas Supply Chain Progress of Gas Supply Chain n (Naoetsu LNG Receiving n (Naoetsu LNG Receiving Terminal, Toyama Line) Production star ‐ up at Kitan oi P d ti t t Kit il field(Timor Sea), FID on Sebuku il fi ld(Ti i S ) FID S b k e j oint geothermal energy Block (Ruby gas field) and the development study development study Net Production : 405,000 BOE ED (decreased by 6%) 4
Ichthys LNG Ichthys LNG G Project(1/2) G Project(1/2) On On nshore (LNG plant) and Offshore (Offshore nshore (LNG plant) and Offshore (Offshore fac cilities & pipeline) FEED works ‐ Engineering works completed ‐ Preparation work (including bid evaluation, negotiation) for EPC phase in progress Go G overnment Approvals A l ‐ P Production License: Submitted Field Development Plan (FDP) to the government D p ( ) g authority (JA) in April 2011. FDP approved in a October 2011. Fully aligned with JA to receive O Production License Offer prior to FID P P Production License Offer prior to FID Production volume (expected): 8.4 MM t/y of LNG ‐ G Gas Export Pipeline license : Obtained the 1.6 MM t/y of LPG approval of the license in May 2011 a Approx. 100,000 bbl/d of condensate (Peak Rate) pp FID target: by the end of December 2011 ‐ E Environmental Impact Assessment(EIA) : Production start target: 4Q 2016 Environmental approval granted by Northern E Participating Interest: INPEX 76% (Operator), TOTAL 24% Territory Government (May 2011) and Territory Government (May 2011) and T T A Australian federal Government (June 2011). 5
Ichthys LNG Ichthys LNG G Project(2/2) G Project(2/2) Gas Marketing Activities Gas Marketing Activities ‐ All LNG volumes of 8.4 MM t/y will have e been sold with a large part to be delivered to Japan ‐ Negotiating with buyers to conclude legal lly ‐ binding SPAs for LNG 8.4 MM t/y by FID Financing Financing ‐ Preparing for project financing Expect to confirm lenders’ lending intenti ion by FID Java Sea INDONESIA Arafura Sea Timor Sea A A WA ‐ 37 ‐ R WA ‐ 37 ‐ R Indian Ocean A Ichthys Gas ‐ Ichthys Gas ‐ condensate field condensate field AUSTRALIA WA ‐ 285 ‐ P WA ‐ 285 ‐ P Gas field 6
Abadi LN Abadi LN NG Project NG Project Agreed to transfer a 30% participating interest to a subsidiary of Shell in July 2011 *The transaction is subject to the satisfaction of certain conditions such as the approval of the Indonesian Government. Pl Plan to transfer of a 10% participating interest to t t f f 10% ti i ti i t t t an Indonesian company designated by Indonesian Arafura Sea Government, based on the PS Contract The Plan of Development (POD) was approved by Indonesian Government in December 2010 ‐ First Phase Development (POD ‐ 1) p ‐ Development Concept : Floating LNG ‐ Production Volumes : 2.5 MM t/y of LNG 8,400 bbl/d of condensate Preparations for FEED works and AMDAL(Environmental & Social Impact Assessment Process) are ongoing Assessment Process) are ongoing FEED works: plan to start by the 1st half of 2012 Further Study for Future Subsequent u e u y o u u e u eque Developments according to gas reserves FLNG image 7
Progress of the G g Gas Supply Chain pp y Construction of the Naoetsu LNG Receiv Construction of the Naoetsu LNG Receiv ving Terminal ving Terminal ⁻ Construction work progressing to start oper ration in 2014 ⁻ Current status of construction : LNG tank 70 0%, Plant 30%, Landing bridge 25%, Connecting pipelines 20% ⁻ Completed lifting of dome ‐ shaped roofs of t the LNG storage tanks Construction of the Toyama Line ⁻ Construction decided in May 2011 y ⁻ Target to commence the operation in the en nd of 2014 (LNG tanks, as of October 2011) 8
Top pics Oil production s p started at Kitan (JPDA06 ‐ 105) ( ) - Final Developm ment Plan approved in April 2010 - Production star rted in October 2011 - Peak productio on capacity : 40,000 bbl/d Kitan (production test) Made Final inve M d Fi l i estment Decision (FID) to develop Sebuku t t D i i (FID) t d l S b k Block (Ruby Gas s Field) - Acquired a 15% q % interest from Pearl Energy in August 2010 gy g - Made FID in Ju une 2011 - Expect to start p production in the second half of 2013 Ruby Gas Field production facility Joint geothermal l energy development study - We seek to evol We seek to evol lve into a company that offers diversified lve into a company that offers diversified forms of energy y as our corporate strategies - Agreed to comm mence the geothermal study with Idemitsu in June 2011 - Started the stud dy at areas in Hokkaido and Akita Prefecture 9 Joint Study Areas
Net Production * (A Net Production (A April September 2011) April – September 2011) 430 430 405 5% Main increase factor 400 4% ・ Increase in production in Middle East / Africa region g 31% mainly in ADMA Block, Abu Dhabi 300 38% (+21MBOE/D) D) 6% (MBOED 6% Main decrease factor 200 • Decrease in production in Van Gogh Field due to the natural Gogh Field due to the natural 53% decline and the restriction of 47% the FPSO processing capacity 100 ( ‐ 16MBOE/D) • Decrease in net production in D i t d ti i Offshore Mahakam Block due 5% 5% 0 to the natural decline and the rise of oil and gas prices Apr ‐ Sep 10 Apr. ‐ Sep. 10 Apr ‐ Sep Apr. ‐ Sep. 11 11 ( 15MBOE/D) ( ‐ 15MBOE/D) ** Japan Asia/Oceania Eurasia Middle East/Afric ca A Americas i * The production volume of crude oil and natural gas under the production sh haring contracts entered into by INPEX Group corresponds to the net economic take of our group. 10 ** Natural Gas: 41.8605MJ / 1m 3
Financial Results for t the six months ended S Septemb b b ber 30, 2011 30 2011 Masahiro M Murayama Director Managing Director, Managing g Executive Officer g Executive Officer Head of Finance & A Accounting Division
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