Key facts
- Japan Petroleum Exploration (JAPEX) plans to quadruple its U.S. oil and natural gas production by 2035.
- The company aims to reach 180,000 barrels of oil equivalent per day (boe/d) in production by 2035, a significant increase from its current 45,000 boe/d.
- JAPEX acquired U.S. company Verdad Resources Intermediate Holdings in February 2026 for $1.3 billion, adding approximately 35 boe/d to its production.
- The company plans to invest JPY1,160 billion (USD7.3 billion) in exploration and production between 2026 and 2035, with a focus on overseas investments.
- JAPEX is considering exporting crude oil to Japan in the event of an energy crisis.
Japan Petroleum Exploration (JAPEX) has announced ambitious plans to significantly expand its oil and natural gas production in the United States. Under its JAPEX Management Plan 2026-2035, the company aims to nearly quadruple its output from the current 45,000 barrels of oil equivalent per day (boe/d) to 180,000 boe/d by 2035.
This expansion is underpinned by substantial investment, with JAPEX planning to allocate JPY1,160 billion (USD7.3 billion) to exploration and production activities between 2026 and 2035, primarily focusing on overseas assets in the United States, Norway, and Southeast Asia, with a particular emphasis on Indonesia. The company also acquired U.S. firm Verdad Resources Intermediate Holdings in February 2026 for $1.3 billion, which added approximately 35 boe/d to its production.
In addition to increasing production, JAPEX is exploring the possibility of exporting crude oil to Japan to bolster domestic supply in the event of an energy crisis. The company has also set a target to increase its net profit to JPY100 billion (USD626 million) by fiscal 2035, up from JPY45 billion (USD282 million) in fiscal 2025.