Securing the Future Energy Supply 2008
国際石油開発帝石ホールディングス株式会社 INPEX Holdings Inc. Toward New Frontiers 2008 102
INPEX...2...2...4...6...8...9...16 c...16 c JPDa...20 c NIS...24 c...27 c...30 c...33...35 CSR...36...38...42...43...77...86...87 INPEX Corporation 1
INPEX Our Performance 3 31 *7 2007 2008 2008... 969,713 1,202,965 $12,005,639... 77,322 93,882 936,946... 387,543 452,542 4,516,387 NIS... 118,618 183,879 1,835,120... 386,009 464,523 4,635,958... 221 8,139 81,228... 559,077 714,211 7,127,854... 165,092 173,246 1,729,002... 231,982 363,995 3,632,684 roe *1 %... 17.7 15.8 roace *2 %... 20.4 21.4 %... 9.9 10.2... 1,608,107 1,807,901 18,042,924 *3,6... (169,667) (328,353) (3,276,976) *4 %... 64.0 64.0 *5,6 %... (18.6) (36.1) 1 *7... 70,423.45 73,510.14 733.63... 7,000.00 7,500.00 74.85... 1,020,000 1,110,000 *7... 24,056 26,178 26,126 *1 roe *2 roace 1 *3 MMF *4 *5 MMF MMF *6 *7 2008 3 311100.20 2 INPEX Corporation
ROE ROACE1-36.1% NIS 2008 2007 939 773 4,525 1,839 4,645 12,030 81 3,875 1,186 3,860 9,697 2 2008 2007 1,651 1,732 0 2,000 4,000 6,000 8,000 10,000 12,000 0 400 800 1,200 1,600 2,000 ROE % % 2008 15.8 2008 36.1 2007 17.7 2007 18.6 10 15 20-40 -20 0 30 20 TOPIX % topix 10 0 10 20 30 2006/04/03 2006/10/02 2007/04/02 2007/10/01 2008/06/30 INPEX Corporation 3
Our Operations 3 31 2007 2008 *1 LPG... 1,139 1,088... 3,782 3,346... 1,770 1,645 *1 LPG... 242.5 241.5... 1,051.1 1,088.8... 417.7 423.0 1 *2 *3... 8.5 10.2... 1.7 1.6 *4... 1,144 17,980... 30,544 64,746... 185,957 232,958... 217,646 315,684... 11.6 10.7... 24.5 28.2 *1 *5... 1,347,128 1,701,806 3% *6... 293 122 13 *2 *7... 6.9 17.5 *1 LPG... 1,610 1,274... 2,095 8,682... 1,959 2,721 *1 78SEC *2 20072008 3 1116.62113.61 *3 *4 *5 20072008 3 311118.09100.20 *6 *7 4 INPEX Corporation
LPG 1.3% BoE* 2008 1,645 2,721 4,366 2007 1,770 1,959 3,728 2008 2007 64,746 17,980 1,144 30,544 185,957 232,958 217,646 315,684 0 1,000 2,000 3,000 4,000 5,000 0 100,000 200,000 300,000 400,000 2008 3 31 4,366BoE* 46% LPG 54% 4% NIS 14% 20% 3% 59% 423 BoE* 43% LPG 57% 8% 3% NIS 13% 42% 34% * INPEX Corporation 5
Our Supply Basis NIS 24 ACG BTC 33 16 LNG 27 ADMA JPDA* 20 WA-10-L WA-155-P Part WA-285-P JPDA03-12 JPDA JPDA06-105JPDA * 6 INPEX Corporation
26 72 26 72 2,721BOE* 1 2,721BOE 10.7 28.2 70 BOE* 1 * 2 42 BOE 201070% 70 BOE 2008 6 * 1 * 2 SEC BoE 2015 2020 70 2008 42 0 20 40 60 80 100 2008 2009 3 LNG 2009 2010 3 2010 2011 3 30 72117 118 401 402 2012 2013 3 2013 2014 3 LNG LNG JPDa INPEX Corporation 7
2008 10 2008 10 8 INPEX Corporation
Question 1 2008 3 Answer acg 24.1%1 2,03029.0%7,835 17.5%3,911 27.7% 7,142 17.0%6,858 4.9%1,732 2007 2008 % 9,697 12,030 2,333 24.1 6,074 7,835 1,761 29.0 * 3,329 3,911 582 17.5 294 284 10 3.3 5,591 7,142 1,551 27.7 5,863 6,858 995 17.0 1,651 1,732 81 4.9 *LPG INPEX Corporation 9
Question 2 Answer LNG 1WtI1 35.64 2007 4WtI 65.94 101.58 28.8%180.07 LNG LNG 150 100 50 NYMEX WtI West texas Intermediate 0 2003/1 2004/1 2005/1 2006/1 2007/1 2008/1 2008/6 10 INPEX Corporation
LNG : 2005 9,239 3,597 1,338 14,174 2010 11,100 12,400 5,200 6,100 3,500 19,800 4,150 22,650 2020 14,100 17,000 7,300 9,000 9,100 30,500 11,600 37,600 2030 16,500 21,600 9,300 12,300 12,100 37,900 16,300 50,200 0 10,000 20,000 30,000 40,000 50,000 60,000 Question 3 Answer LNG 2013 2014LNG LNG800 LNG10 160LPG LNG 20152016 350 500LNG 2007 5 4 INPEX Corporation 11
2 acg 2008 4 acg acg 2009100 1Full Field Development Program 150 25% 2007 8 LNG 2008 82007 12 Question 4 Answer 2008 3 20 12 INPEX Corporation
2LNG Question 5 Answer 2007 11totaL SaGD 10%totaL INPEX Corporation 13
Question 6 Answer CSr 203040% 14 INPEX Corporation
Question 7 Answer 2006 42008 10 2008 10 1 2006 4 3... INPEX Corporation 15
B B 1 LNG C D 16 INPEX Corporation
1 50% *total 50% 1966 2 21 50% *Chevron 50% 2008 6 * LNG 1966 10 PS 100% 1970 4 UnocalChevron50% 1972 1970 750% CFPtotaL LNG 2 201720 2017 INPEX Corporation 17
2 B B 1978 9 1 35% *ConocoPhillips 40% Chevron 25% 2008 6 * B 1977 7 B17.5% 1994 1 35% 1979 1999 1 a3 2001 2002 2028 FPSo Floating Production, Storage and offloading system 2004 12 2007 4LPG 20062007 2009 3 1998 12 2 * 100% 2008 6 * 1998 11 100% 2000 1 2002 2 2007 5 4 LNG 2008 BPMIGaS 18 INPEX Corporation
4 LNG MI Berau B.V. 2001 8 14 22.856% *BP 48.0% 17.144% KG12.0% 16.3% *BP 37.16% CNooC 13.9% 12.23% KGKG 10.0% LNG Japan 7.35% talisman 3.06% 2008 6 * MI Berau B.V.44% 16.5% 56%2001 10 7.79% LNG LNG LNG 22.9% MI Berau B.V. 745LNG 2005 3 LNG 2035 16.3% 7.17% 2008 LNG 2007 10 MI 44% 56% INPEX Corporation 19
1 D C B JPDA06-105 JPDA03-12 WA-285-P WA-10-L WA-155-P Part JPDA LNG 20 INPEX Corporation
1 Wa-10-L Wa-155-P Part Wa-10-L 20% *BHPBP 45% ExxonMobil 35% Wa-12-L 1989 2 17 18.67% *ExxonMobil 81.33% Wa-155-P Part 28.5% *BHPBP 39.999% apache 31.501% 47.499% *apache 52.501% Wa-155-P Part 18.67% *apache 81.33% Wa-357-P 35% *apache 65% 2008 6 * WA-10-L WA-357-P WA-155-P (Part II) WA-12-L WA-155-P (Part I) 1989 2 Wa-210-P20% 4 Wa-10-L 1994 1 Wa-10-L 1994 7Wa-155-P Part Wa-12-L1999 7 Wa-155-P Part 2006 7Wa-357-P Wa-155-P Part 2007 42009 4 2007 11 Wa-12-r 2010 INPEX Corporation 21
2 Wa-285-P Wa-285-P *76% total 24% Wa-274-P 20% Chevron 50% *Santos 30% Wa-281-P 1998 9 1 20.0000% *Santos 47.8306% Chevron 24.8300% Beach 7.3394% Wa-341-P * 60% total 40% Wa-343-P * 60% total 40% Wa-344-P * 60% total 40% Wa-410-P 20% *Santos 30% Chevron 50% Wa-411-P 26.6064% *Santos 63.6299% Beach 9.7637% 2008 6 * WA-285-P 1998 8 Wa-285-P 2000 8 LNG 20132014 LNGLPG 800 LNG 160LPG LNG LPG 10 Wa-285-P 7 Wa-274-P Wa-281-P Wa-341-P Wa-343-P Wa-344-P Wa-410-P Wa-411-P 22 INPEX Corporation
3 JPDa03-12 JPDa03-12 1993 3 30 19.0712244% *ConocoPhillips 61.6624238% Santos 19.2663518% 11.274908% *ConocoPhillips 57.150852% Eni 10.985973% Santos 11.390267% tokyo timor Sea resources 9.198000% 2008 6 * 1993 4 JPDaJPDa03-12 1998 2007 2008 JPDa03-13 1999 2004 LPG 2005 8 300 LNG LNG 2006 2LNG 4 JPDa06-105 JPDa06-105 1991 11 25 35% *Eni 40% talisman 25% 2008 6 * JPDA06-105 1992 1 JPDaJPDa06-105 1996 2001 2008 3 1 2 2008 4 5 12 INPEX Corporation 23
NIS ACG BTC C 1 B 24 INPEX Corporation
1 1998 8 6 8.33% *Eni 18.52% ExxonMobil 18.52% Shell 18.52% total 18.52% ConocoPhillips 9.26% KMG 8.33% 2008 6 * 1998 9 7.14% 2001 9 8.33% 1999 9 1 Experimental Program Full Field Development Program 150 4 2 acg 1999 1 29 10.00% *BP 34.14% Chevron 10.28% SoCar 10.00% Statoil Hydro 8.56% ExxonMobil 8.00% tpao 6.75% Devon Energy 5.63% 3.92% Hess 2.72% 2008 6 * ACG 2003 4 acg azeri Chirag Gunashli 10% acg 2005 2 2005 12 2006 10 2008 4 2009 100 2006 6 BtC INPEX Corporation 25
3 BtC BtC INPEX BtC Pipeline, Ltd. 2002 10 16 2.5% *BP 30.1% SoCar 25% Chevron 8.9% Statoil Hydro 8.71% tpao 6.53% Eni 5% total 5% 3.4% ConocoPhillips 2.5% Hess 2.36% 2008 6 * BTC 2002 10BtC 2.5% BtC Baku tbilisi Ceyhan1,770km 100 2006 6 BtC acg 120 100 72km 30 2 acg BtC 26 INPEX Corporation
D C 1 ADMA B INPEX Corporation 27
1 adma 1973 2 22 12% adnoc 60% BP 14.67% total 13.33% 12% adnoc 60% ExxonMobil 28% 12% adnoc 88% 40% adnoc 60% 2008 6 ADMA 2004 5 JoDCo 1973 adma 5 1982 19851987 19621967 adma-opcozadco adnoc 2 1970 8 1 32.28% *Perenco 50% Chevron 17.72% 2008 6 * 1970 7 1971GCo GCO 17.03% 1972 7 32.28% 1975 111995 5 2023 28 INPEX Corporation
3 1970 7 17 *100% 2008 6 * 1975 1989 1990 6 100% 2005 7 3 2020 1980 4 2001 12 21 10.29% Sonatrach 67.33% *Eni 22.38% 2008 6 * 2001 11 2001 10.29% 1997 INPEX Corporation 29
1 72117 118401 402 D B C 30 INPEX Corporation
1 osl 7280060t24 10% *total 74% osl 7405070799 osl 7404110452 2006 11 28 EnerMark 15% Laricina 1% 2008 6 * 2007 11 10% 2006 SaGD 201010 23 total 2010 13 2 teikoku oil and Gas 70% PDVSa 30% Venezuela, C.a. 30% PDVSa70% 2006 6 7 2008 6 1992 7 100% 2006 PDVSa 2006 4 1 2026 INPEX Corporation 31
3 Frade Japão Petróleo Limitada FJPL 1999 7 5 18.2609% *Chevron 51.7391% Petrobras 30% 2008 6 * 1986 Frade Japão Petróleo Limitada FJPL1999 7 2001 2 12.75% 2001 7 2006 6 2.25% 2009 2006 6 FJPL 18.3% 4 72117 118 401 402 401 402 72 teikoku oil North america Co., Ltd. 25% *PetroQuest 50.5% 24.5% 117 118 2003 5 30 10% *Hunt 50% 40% 401 25% *PetroQuest 38% 37% 402 25% *PetroQuest 25% 50% 2008 6 * 117 118 72 teikoku oil North america Co., Ltd.2006 4 2007 4117 1182008 2401 402 7 72 32 INPEX Corporation
1 INPEX Corporation 33
LNG LNG 19791984 20 5 1,300km 2007 40% 17 m 3 19963 20 30 m 3 2010 LNG 2013 LNG 1 34 INPEX Corporation
1 B C D E F INPEX Corporation 35
CSR HSE HSE Health Safety Environment HSE HSE 2007 10HSE HSE HSE HSE HSE HSE HSE HSE HSE 2008 HSE 2008HSE2008 51HSE HSE HSE HSE HSE HSE HSE HSE 36 INPEX Corporation
200720125 UNDP 2007 2008 5 100 Co 2 1997 80% CSrCSr2008 INPEX Corporation 37
16 4 1 4 4 5 3 16 4 10 17 27 38 INPEX Corporation
5 3 3 2 2008 32 6 194 39 INPEX Corporation
a. b. 1 10020 40 INPEX Corporation
Ir 2008 32 15 5873 11 5 763 28 1. 2. 2008 6 25 2 1131049 3. 2161 2008 32 23103 21... 70... 26 16 31 1652 4261 9 30 4545 INPEX Corporation 41
1 2 1 2 3 3 4 5 6 4 5 6 7 8 9 7 8 9 J K L M N O 42 INPEX Corporation
... 44... 56... 58... 59... 60... 61... 75 INPEX Corporation 43
2008 3 1WtI 135.64 2007 4WtI 65.94 2007 92007 2008 1100 2008 3111.802008 3101.58 2008 32007 3 117.9180.07 2008 31118 1202007 7 FrB 2008 3952008 3 ttm2007 3 17 89100 20 2007 33 191113 71 2008 3 1 2,030 6,858 1,732 2008 3 311,6452008 3 423LPG 1,088 3,346Bcf 28.3% LPG2421,089 2 44 INPEX Corporation
1 2 iii 3 12 INPEX Corporation 45
46 INPEX Corporation
INPEX Corporation 47
300 % 3 31 2007 2008... 969,713 100.0% 1,202,965 100.0%... 343,795 35.5 390,554 32.5... 625,918 64.5 812,411 67.5... 17,689 1.8 34,095 2.8... 36,285 3.7 48,346 4.0... 12,867 1.3 15,759 1.3... 559,077 57.7 714,211 59.4... 12,843 1.3 10,984 0.9... 33,534 3.4... 4,005 0.3... 3,482 0.3... 5,738 0.6 2,747 0.2... 7,965 0.8 11,872 1.0 60,080 6.1 33,090 2.7... 12,389 1.3 10,888 0.9... 6,176 0.6 20,587 1.7... 2,973 0.3 3,104 0.3... 21,350 1.8... 11,356 1.2 5,572 0.4 32,894 3.4 61,501 5.1... 586,263 60.4 685,800 57.0... 413,239 42.6 491,349 40.8... 7,932 0.8 21,205 1.8... 165,092 17.0% 173,246 14.4% 48 INPEX Corporation
2008 3 1 2,0302007 39,6972,33324.1%7,8352007 3 6,0741,76129.0%3,9112007 33,329 58217.5%2842007 3294103.3% acg 2007 3 2,440 2.9%85,716 2007 3 36Bcf 9.8%402Bcf 117.9128.8%80.07 1113 71 2007 3 3 192.7%2008 3 2,3334862,166 3109 2008 33,9062007 33,43846813.6% adma B 2008 3 3412007 317716492.7% 2008 34832007 336312033.2% 2008 3 158 2007 31292922.5% 2008 3 3312007 360127044.9% 2008 3 40 35 2007 3Wa-285-P3352008 3 INPEX Corporation 49
2008 3 6152007 332928687.0% 213 144 2008 34,9132007 3 4,13278118.9%2007 370%2008 372% 2008 32122007 379133167.3% 2008 3 1,7322007 31,651814.9% 69 69 69 50 INPEX Corporation
69 69 20072008 3 3 31 2007 2008... 30,544 10.5% 64,746 16.8%... 185,957 63.8 232,958 60.3... 216,501 74.3 297,704 77.1... 74,952 25.7 88,270 22.9... 291,453 100.0% 385,974 100.0% 20072008 3 3 31 2007 2008... 11,318 5.2% 12,836 4.3%... 112,434 51.9 169,924 57.1 NIS... 70,679 32.7 77,442 26.0... 19,208 8.9 24,345 8.2... 2,862 1.3 13,157 4.4... 216,501 100.0% 297,704 100.0% 20072008 3 3 31 2007 2008... 8,978 12.0% 9,294 10.5%... 43,126 57.5 47,992 54.4 NIS... 4,760 6.4 6,755 7.7... 18,018 24.0 21,994 24.9... 70 0.1 2,235 2.5... 74,952 100.0% 88,270 100.0% 2008 33,8602007 32,91594532.4% Wa-285-P INPEX Corporation 51
20072008 3 3 31 2007 2008... 509 44.5% 1,029 5.7%... 635 55.5 1,058 5.9... 15,893 88.4... 1,144 100.0% 17,980 100.0% 2008 3 1802007 311169 20072008 3 3 31 2007 2008... 295,076 319,150... 9,792 27,460... 160,114 183,002... 46,683 52,698... 17... 105,950 92,147... 86,320 106,048... 262 952... 319,150 383,163... (51,191) (71,445) 2008 3 2007 3 2008 3 2007 3 2008 32007 3B 2008 3 acg B 20072008 3 52 INPEX Corporation
2008 3 31 3 31 2009... $ 138.3 5,097 18,950 2010... 138.3 4,891 18,744 2011... 138.3 4,770 18,623 2012... 129.1 4,283 17,221 2013... 27.1 3,055 5,775 2014... 868.1 27,457 114,450... $1,439.2 49,553 193,763 20072008 3 3 31 2007 2008... 231,982 363,995... (209,243) (261,767)... 13,794 (45,228)... 189,417 222,270 2008 3 3,6402007 32,3201,320 INPEX Corporation 53
2008 3 2,6182007 32,092526 2008 3 4522007 3138 590 2007 3 2008 3 1 10 LNG4 3 54 INPEX Corporation
6LIBor 2009 3 2008 8 8 2009 32008 31,1109.2%1 3,140 1,35819.0%8,5001,33219.4%8,190 382.2%1,770 2009 311123.01 104.62009 31 2 1115.0195.021105.0 1100.02008 8 8 INPEX Corporation 55
20072008 3 31 3 2007 2008 2008... 189,417 222,270 $ 2,218,263... 81,955 120,949 1,207,076 4... 46,618 97,465 972,705... 13,255 19,717 196,776 6... 17,242 11,236 112,136... 81,689 83,436 832,695... 43,960 10,097 100,768... (12) (59) (589) 474,124 565,111 5,639,830... 185,484 201,864 2,014,611... 173,245 180,609 1,802,485... 252,832 240,041 2,395,619... 28,310 28,387 283,303... 24,730 28,721 286,637... 8,787 21,981 219,371 673,388 701,603 7,002,026... (454,161) (447,122) (4,462,295) 219,227 254,481 2,539,731 12... 132,106 121,644 1,214,012... 127,110 120,177 1,199,371... 4,365 18,844 188,064... 2,241 4,816 48,064 265,822 265,481 2,649,511... 319,150 383,163 3,823,982... (51,191) (71,445) (713,024) 267,959 311,718 3,110,958 45... 354,851 360,727 3,600,070... 3,389 9,361 93,423 6... 20,618 205,768... 34,879 31,279 312,166... (1,870) (912) (9,102)... (10,274) (9,963) (99,431) 648,934 722,828 7,213,852... 1,608,107 1,807,901 $18,042,924 56 INPEX Corporation
3 2007 2008 2008... 21,794 22,582 $ 225,369 5... 50,649 19,275 192,365 6... 85,143 131,524 1,312,615... 88,768 111,506 1,112,834... 6,900 10,786 107,645... 194 209 2,086... 12,800 29,404 293,453 266,248 325,286 3,246,367 5... 198,320 174,813 1,744,641 6... 38,995 44,296 442,076... 8,371 8,645 86,277... 1,712 475 4,741... 11,930 12,728 127,026... 1,965 1,965 19,611... 179 230 2,295... 371 650 6,487 261,843 243,802 2,433,154... 528,091 569,088 5,679,521 7... 30,000 30,000 299,401 2007 9,000,001.00 2008 9,000,001.00 2007 2,358,410.13 2008 2,358,410.13... 418,491 418,494 4,176,587... 570,120 718,616 7,171,816 2007 1,089.63 2008 2,047.10... (1,108) (2,215) (22,106)... 1,017,503 1,164,895 11,625,698... 9,349 (7,468) (74,531)... 18 4 40... 2,025 (60) (599)... 11,392 (7,524) (75,090)... 51,121 81,442 812,795... 1,080,016 1,238,813 12,363,403 14...... 1,608,107 1,807,901 $18,042,924 INPEX Corporation 57
20072008 3 31 3 2007 2008 2008... 969,713 1,202,965 $12,005,639... 343,795 390,554 3,897,745... 625,918 812,411 8,107,894... 17,781 34,458 343,893... (92) (363) (3,623) 10 1112... 36,285 48,346 482,495... 12,867 15,759 157,275... 559,077 714,211 7,127,854... 12,843 10,984 109,621... 2,292 5,440 54,292... 1,350 1,765 17,615... 33,534... 4,005 39,970... 3,482 34,750... 5,738 2,747 27,415... 4,323 4,667 46,577 60,080 33,090 330,240... 12,389 10,888 108,663... 6,176 20,587 205,459... 2,973 3,104 30,978... 21,350 213,074... 11,356 5,572 55,609 32,894 61,501 613,783... 586,263 685,800 6,844,311 6... 432,894 496,852 4,958,602... (19,655) (5,503) (54,920) 413,239 491,349 4,903,682... 7,932 21,205 211,627 8... 165,092 173,246 $ 1,729,002 58 INPEX Corporation
2007 3 31 2006 3 31 30,000 30,000 30,000 415,892 2,599 418,491 418,491 415,734 (10,559) (147) 165,092 570,120 570,120 2007 3 31 (19,641) (1,725) 20,258 (1,108) (1,108) 841,985 (10,559) (147) 165,092 (1,725) 22,857 1,017,503 1,017,503 (5,723) 15,072 9,349 9,349 18 18 18 1,117 908 2,025 2,025 (4,606) 15,998 11,392 11,392 39,921 11,200 51,121 51,121 877,300 (10,559) (147) 165,092 (1,725) 22,857 27,198 1,080,016 1,080,016 2008 3 31 2007 3 31 30,000 30,000 418,491 3 3 418,494 570,120 (24,750) 173,246 148,496 718,616 2008 3 31 (1,108) (1,160) 53 (1,107) (2,215) 1,017,503 (24,750) 173,246 (1,160) 56 147,392 1,164,895 9,349 (16,817) (16,817) (7,468) 18 (14) (14) 4 2,025 (2,085) (2,085) (60) 11,392 (18,916) (18,916) (7,524) 51,121 30,321 30,321 81,442 1,080,016 (24,750) 173,246 (1,160) 56 11,405 158,797 1,238,813 2007 3 31 3 $ 299,401 $ $ $ $ $ $ $ 299,401 4,176,557 30 30 4,176,587 5,689,820 (247,006) 1,729,002 1,481,996 7,171,816 2008 3 31 (11,058) (11,577) 529 (11,048) (22,106) 10,154,720 (247,006) 1,729,002 (11,577) 559 1,470,978 11,625,698 93,303 (167,834) (167,834) (74,531) 180 (140) (140) 40 20,210 (20,809) (20,809) (599) 113,693 (188,783) (188,783) (75,090) 510,190 302,605 302,605 812,795 $10,778,603 $(247,006) $1,729,002 $(11,577) $559 $ 113,822 $1,584,800 $12,363,403 INPEX Corporation 59
20072008 3 31 3 2007 2008 2008.................................. 586,263 685,800 $6,844,311.......................................................... 30,599 36,181 361,088........................................................ 6,978 6,617 66,038........................................... 6,081 21,207 211,647................................................ 3,038 3,937 39,291................................................ 845 276 2,754................................................ 1,215 815 8,134........................................... 1,377 (2,377) (23,722)................................................ (15,135) (16,424) (163,912)........................................................... 12,389 10,888 108,663...................................................... (1,653) 1,036 10,339.................................................. (1,350) (1,765) (17,615)........................................................ (33,534)................................................... 2,613 15 150................................................... 21,350 213,074..................................................... (10,385) (39,393) (393,144)........................................ 105,950 92,147 919,631....................................... (18,955) (26,052) (260,000)................................................... (8,086) (2,275) (22,705).............................................. (879) 481 4,800..................................................... (16,986) (169,521)...................................................... 21,809 217,655...................................................... 10,352 103,313............................................................. (3,810) 7,156 71,417............................................................. 663,561 814,795 8,131,686................................................ 20,560 17,515 174,800........................................................ (11,993) (11,508) (114,850)..................................................... (440,146) (456,807) (4,558,952)............................................ 231,982 363,995 3,632,684............................................... (17,078) (2,765) (27,595)............................................... 2,798 18,997 189,591............................................... (5,141) (39,949) (398,693)............................................... 23,643 51,495 513,922............................................ (37,845) (59,465) (593,463)............................................ 955 183 1,826............................................ (1,778) (2,012) (20,080)............................................ (109,823) (112,378) (1,121,537)............................................ 43,609 105 1,048.......................................... (111,314) (131,060) (1,307,984)........................................... (6,524) 10,534 105,130............................................. (832) (7,453) (74,381)............................................. 889 527 5,260.................................................... (15,887) (158,553).................................................... 6,707 27,891 278,353............................................................. 2,491 (530) (5,289)............................................. (209,243) (261,767) (2,612,445).................................................. (120) (50) (499).................................................. 30,083 40,785 407,036............................................. (38,662) (67,745) (676,098).......................................... 3,606 8,344 83,274............................................... (1,170) (1,105) (11,028)............................................... 22,397...................................................... (10,791) (24,719) (246,697)............................................. (81) (737) (7,355)................................................ (868) (1) (10)................................................. 9,400............................................ 13,794 (45,228) (451,377).......................................... 1,741 (24,147) (240,988)............................................. 38,274 32,853 327,874............................................. 151,143 189,417 1,890,389............................................. 189,417 222,270 $2,218,263 60 INPEX Corporation
1 2 a 4012 31 1012 31 12 31 2007 1 1 2008 3 3115 20 (b) 3 c d 3 INPEX Corporation 61
e f g h i j k 2007 4 1 5 l 5 m n 62 INPEX Corporation
o p q r s t u 3 2008 3 311 100 20 INPEX Corporation 63
4 a 20072008 3 31 2007 3 31... 81,806 101,216 19,410... 61,212 61,272 60... 325 345 20... 408 411 3... 501 502 1... 144,252 163,746 19,494... 24,626 19,938 (4,688)... 152,827 150,215 (2,612)... 150 150 (0)... 177,603 170,303 (7,300)... 321,855 334,049 12,194 2008 3 31... 4,768 5,388 620 $ 47,585 $ 53,772 $ 6,187... 241,843 243,098 1,255 2,413,603 2,426,128 12,525... 36 38 2 359 379 20... 501 505 4 5,000 5,040 40... 247,148 249,029 1,881 2,466,547 2,485,319 18,772... 76,515 70,427 (6,088) 763,623 702,864 (60,759)... 58,897 55,809 (3,088) 587,794 556,976 (30,818)... 325 301 (24) 3,243 3,004 (239)... 373 334 (39) 3,723 3,334 (389)... 9,228 7,422 (1,806) 92,096 74,072 (18,024)... 145,338 134,293 (11,045) 1,450,479 1,340,250 (110,229)... 392,486 383,322 (9,164) $3,917,026 $3,825,569 $ (91,457) 64 INPEX Corporation
b 20072008 3 31 3 31 2007 2008 2008... 67,260 51,580 $514,770... 2,610 16 $ 160 c 20072008 3 31 3 31 2007 2008 2008... 38,274 38,286 $382,096... 38,274 38,286 $382,096 d 2008 3 31 2008 3 31 1 1 5 5 10 10 1 1 5 5 10... 97,164 161,062 11,454 29,226 $969,701 $1,607,405 $114,311 $291,677... 301 3,004... 334 38 3,333 379... 97,465 161,396 11,492 29,226 $972,705 $1,610,738 $114,690 $291,677 10 5 20072008 3 31 3 31 2007 2008 2008 2007 3 310.930%1.625% 2008 3 311.240%1.875%... 375 325 $3,243... 375 325 $3,243 INPEX Corporation 65
20072008 3 31 3 31 2007 2008 2008 2019 2007 3 311.000%6.340% 2008 3 311.000%5.800%... 248,594 193,763 $1,933,763 1... 50,274 18,950 189,122... 198,320 174,813 $1,744,641 20072008 3 31 3 31 2007 2008 2008... 2,181 2,447 $ 24,421... 3,166 31,597... 8,748 10,059 100,389... 1,826 1,826 18,224... 9,999 6,513 65,000... 36 0 0... 22,790 24,011 $239,631 3 31 2007 2008 2008... 95 95 $ 948... 5,480 3,724 37,166... 15,272 13,218 131,916... 17 17 170... 20,864 17,054 $170,200 BtC 2007 3 317,209 2008 3 316,90868,942 2008 3 311 3 31 2009... 18,950 $ 189,122 2010... 18,744 187,066 2011... 18,623 185,858 2012... 17,221 171,866 2013... 5,775 57,635 2014... 114,450 1,142,216... 193,763 $1,933,763 66 INPEX Corporation
6 20072008 3 31 40.7% 20072008 3 31 3 31 2007 2008... 40.7% 40.7%... (0.3) (0.7)... (0.1) 0.2... 68.0 70.5... (18.4) (19.1)... (15.9) (11.3)... (0.9)... (0.1) (0.1)... 0.5 0.4... (4.6) (4.7)... (4.2)... 0.7 0.8... 70.5% 71.6% INPEX Corporation 67
20072008 3 31 3 31 2007 2008 2008... 42,305 53,308 $ 532,016... 4,543 4,543 45,339... 5,499... 3,482 11,881 118,573... 3,223 3,122 31,157... 31,375 11,326 113,034... 10,499 6,071 60,589... 3,542 14,990 149,601... 3,883 3,772 37,645... 1,395 1,004 10,020... 2,091 2,256 22,515... 3,058 30,519... 8,458 8,472 84,551... 120,295 123,803 1,235,559... (91,186) (77,114) (769,601)... 29,109 46,689 465,958... 7,371 15,595 155,639... 29,945 22,526 224,810... 5,479 5,235 52,245... 2,969... 9,676 96,567... 7,178 7,487 74,721... 52,942 60,519 603,982... 23,833 13,830 $ 138,024 68 INPEX Corporation
7 2008 3 31 2,358,409.131 10% 25% 8 1 3 31 2007 2008 2008... 70,423.45 73,510.14 $ 733.63... 7,000.00 7,500.00 74.85... 436,467.92 491,168.09 4,901.88 1 1 1 INPEX Corporation 69
9 a d b e c 10 2007 3 313012008 3 312,22922,246 11 1. 3 31 2007 2008 2008... (15,707) (15,750) $(157,185)... 7,336 7,105 70,908... (8,371) (8,645) (86,277)...... (8,371) (8,645) $ (86,277) 2007 3 31 1,634 70 INPEX Corporation
2008 3 31 3 31 2008 2008 2007 3 31... 175,105 $1,747,555... 159,848 1,595,290... 15,257 $ 152,265 2006 4 12007 3 31... 0.7% 0.7% 2. 3 31 2007 2008 2008... 912 846 $ 8,443... 273 274 2,735... (106) (108) (1,078)... (145) 153 1,527... 934 1,165 $11,627 3. 3 31 2007 2008... 2.0% 2.0%... 1.5% 1.5%... INPEX Corporation 71
12 20072008 3 31 3 31 2007 2008 2008... 132,106 $1,318,423... 139,084 (3,845) (38,373)... (6,978) (6,617) (66,038)... 132,106 121,644 $1,214,012 2007 3 31 2008 3 31 13 20072008 3 31 3 31 2007 2008 2008... 955 961 $9,591... 518 614 6,128... 437 347 $3,463 2007 3 31 1822008 3 31 1741,737 2008 3 31 3 31 2009... 140 $1,397 2010... 207 2,066... 347 $3,463 72 INPEX Corporation
14 2008 3 3129,078290,200 INPEX BtC Pipeline, Ltd. 2007 12 31BtC 3403,393 15 90% 20072008 3 31 2007 3 31 a NIS b c d... 77,322 387,543 118,618 386,009 221 969,713 969,713... 0 0 (0)... 77,322 387,543 118,618 386,009 221 969,713 (0) 969,713... 54,306 145,638 82,996 119,282 1,660 403,882 6,754 410,636... 23,016 241,905 35,622 266,727 (1,439) 565,831 (6,754) 559,077... 197,405 322,116 320,574 254,072 17,776 1,111,943 496,164 1,608,107 a b NIS c d 2008 3 31 a NIS b c d... 93,882 452,542 183,879 464,523 8,139 1,202,965 1,202,965... 93,882 452,542 183,879 464,523 8,139 1,202,965 1,202,965... 61,950 165,837 97,843 140,492 16,101 482,223 6,531 488,754... 31,932 286,705 86,036 324,031 (7,962) 720,742 (6,531) 714,211... 212,306 360,298 363,184 299,563 60,656 1,296,007 511,894 1,807,901 INPEX Corporation 73
2008 3 31 a NIS b c d... $ 936,946 $4,516,387 $1,835,120 $4,635,958 $ 81,228 $12,005,639 $ $12,005,639... 936,946 4,516,387 1,835,120 4,635,958 81,228 12,005,639 12,005,639... 618,263 1,655,060 976,477 1,402,116 160,689 4,812,605 65,180 4,877,785... 318,683 2,861,327 858,643 3,233,842 (79,461) 7,193,034 (65,180) 7,127,854... $2,118,822 $3,595,789 $3,624,591 $2,989,651 $605,349 $12,934,202 $5,108,722 $18,042,924 a bnis c d NIS NISNIS 20072008 3 31 2007 3 31 a b 319,548 53,557 373,105 969,713 33.0% 5.5% 38.5% a b 2008 3 31 a b a b 381,147 84,470 465,617 $3,803,862 $843,014 $ 4,646,876 1,202,965 12,005,639 31.7% 7.0% 38.7% 31.7% 7.0% 38.7% a b 74 INPEX Corporation
The Board of Directors INPEX Holdings Inc. We have audited the accompanying consolidated balance sheets of INPEX Holdings Inc. and consolidated subsidiaries as of March 31, 2008 and 2007, and the related consolidated statements of income, changes in net assets, and cash flows for the years then ended, all expressed in yen. These financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of INPEX Holdings Inc. and consolidated subsidiaries at March 31, 2008 and 2007, and the consolidated results of their operations and their cash flows for the years then ended in conformity with accounting principles generally accepted in Japan. The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2008 are presented solely for convenience. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 3 to the consolidated financial statements. Tokyo, Japan June 23, 2008 2008 3 312007 3 31 2008 3 312007 3 31 2008 3 312007 3 312008 3 312007 3 31 2008 3 31 3 2008 6 23 INPEX Corporation 75
76 INPEX Corporation
... 78... 84 INPEX Corporation 77
1 proved reserves probable reserves proved reserves DeGolyer and MacNaughton S-X rule 4-10 50% proved developed reserves proved undeveloped reserves SPE WPCaaPG SPEE4 2007 3 Petroleum resources Management System 2007 SPEWPC PrMS aapg DeGolyer and SPEE MacNaughtonryder Scott 4 PrMS 78 INPEX Corporation
LPG Statement of Financial accounting Standards No. 69 2006 4 32006 3 31 2005 2008 3 31 LPG10 8,757 3 3,457 16 4,518 BoEBarrels of oil Equivalent NIS (MMbbls) (Bcf) (MMbbls) (Bcf) (MMbbls) (Bcf) (MMbbls) (Bcf) (MMbbls) (Bcf) (MMbbls) (Bcf) (MMbbls) (Bcf) (MMbbls) (Bcf) 2006 3 31... 22 886 105 2,655 116 542 120 785 3,662 305 447 1,090 4,109... 99 99 8 1 107 1...... 0 1 16 58 5 11 (6) 32 53 (2) (2) 30 51... (1) (42) (15) (315) (18) (30) (21) (63) (378) (24) (88) (378) 2007 3 31... 21 845 106 2,398 203 523 93 853 3,336 286 446 1,139 3,782... 20 29 1 50 50... 0 1 40 0 41 0 3 0 44... 0 (0) (0) (77) 5) (5) 1 (10) (75) (4) (8) (14) (83)... (1) (59) (13) (309) (20) (30) (0) (29) (64) (397) (23) (88) (397) 2008 3 31... 20 786 112 2,014 207 489 1 106 829 2,905 259 440 1,088 3,346 2008 3 31... 18 724 69 1,213 20 488 1 70 596 2,007 250 845 2,007 1 2008 3 31 16.5%16.5% NISaCG49%55% 5% 47.3% 30% 2 MMbbls: 3 Bcf: 4 LPG 5 NIS2008 3 31NIS INPEX Corporation 79
2008 3 31 10% 10% LPG Statement of Financial accounting Standards No. 69 2007 3 312008 3 31 1118.09 100.20 2007 3 31 NIS... 8,540,286 814,449 2,645,392 1,444,902 3,612,733 22,810... (2,586,449) (143,763) (863,273) (425,072) (1,141,377) (12,964)... (3,430,774) (121,435) (765,801) (232,138) (2,308,577) (2,823)... 2,523,063 549,251 1,016,318 787,692 162,779 7,023 10%... (1,239,469) (305,507) (386,207) (450,200) (95,905) (1,650)... 1,283,594 243,744 630,111 337,492 66,874 5,373... 63,534 37,916 22,981 2,637 16.5%16.5% NIS acg49%55% 5% 47.3% 80 INPEX Corporation
2008 3 31 NIS... 10,784,073 879,942 3,055,125 2,030,128 4,792,848 26,030... (2,693,818) (153,954) (751,518) (487,550) (1,279,902) (20,894)... (4,882,340) (145,218) (1,011,368) (384,543) (3,339,299) (1,912)... 3,207,915 580,770 1,292,239 1,158,035 173,647 3,224 10%... (1,583,464) (310,255) (423,485) (765,939) (82,604) (1,181)... 1,624,451 270,515 868,754 392,096 91,043 2,043... 77,355 43,219 18,680 15,456 1 16.5%16.5% NISaCG49%55% 5% 47.3% 30% 2 NIS2008 3 31 NIS 2007 4 1... 1,283,594 243,744 630,111 337,492 66,874 5,373... (628,569) (40,219) (297,020) (127,112) (160,676) (3,542)... 1,935,375 111,166 640,567 314,185 872,036 (2,579)... 181,584 10,077 101,134 53,539 15,325 1,509... (90,504) (15,295) (15,745) (77,487) 20,149 (2,126)... (43,723) (4,232) (49,365) 34,272 (26,786) 2,388... 264,348 29,488 109,146 39,421 85,615 678... (1,005,154) (23,532) (179,165) (12,479) (790,606) 628... 38,369 38,417 (48)... (310,869) (40,682) (109,326) (169,735) 9,112 (238) 2008 3 31... 1,624,451 270,515 868,754 392,096 91,043 2,043 16.5%16.5% NISaCG49%55% 5% 47.3% 30% INPEX Corporation 81
2008 3 31probable reserves LPG 2008 3 31 LPG12 7,380 8 6,822 27 2,083 BoEBarrels of oil Equivalent 2008 3 31 NIS LPG MMbbls... 5 671 397 51 77 1,201 73 1,274 Bcf... 196 8,237 108 8,541 141 8,682 1 MMbbls 2 Bcf 82 INPEX Corporation
2 2006 4 32006 3 31 2008 3 31 242 1,089 423 BoEBarrels of oil Equivalent 2005 3 31 2006 2007 2008... 3.2 3.9 4.9... 44.7 40.4 36.5 NIS... 27.1 47.9 54.5... 79.6 82.3 80.7... 2.2 0.1 0.4... 156.8 174.7 177.0... 61.2 67.8 64.6... 218.0 242.5 241.5... 79.6 88.5 88.4... 96.7 127.8 161.5... 787.8 865.8 845.7 NIS......... 76.6 57.5 81.6... 961.2 1,051.1 1,088.8...... 961.2 1,051.1 1,088.8... 350.8 383.6 398.5... 19.3 25.2 31.9... 176.1 184.7 177.4 NIS... 27.1 47.9 54.5... 79.6 82.3 80.7... 14.9 9.7 14.0... 317.0 349.8 358.4... 61.2 67.8 64.6... 378.2 417.7 423.0... 138.0 152.5 154.8 LPG INPEX Corporation 83
2008 3 31 * 29,460 100.00% 19,579 100.00% 18,800 100.00% adma 5,000 100.00% B 3,814 100.00% Wa-10-L 4,600 100.00% JPDa03-12 4,804 83.50% 400 100.00% 2,500 95.00% 53,594 51.00% acg 1,020 100.00% 30,690 100.00% Wa-285-P 24,783 55.37% 50,080 45.00% 9,550 100.00% 4,647 100.00% JPDa06-105 973 100.00% 3,875 100.00% 1,730 100.00% 42-2&4 113-3&4 50 100.00% 65 100.00% 16,000 100.00% INPEX BtC Pipeline, Ltd. 63,800 INPEX DLNGPL Pty Ltd 86,135 100.00% 100.00% LNG LNG Darwin LNG 100 100.00% teikoku oil Libya UK LtD 36,855 teikoku oil North america Co., Ltd. 16,533 100.00% 100.00% 84 INPEX Corporation
* SEJ 840 100.00% 708 100.00% 625 100.00% 370 100.00% SoB 281 100.00% 100 100.00% 100 100.00% 100 100.00% 80 100.00% 70 100.00% NQr 191 100.00% 10 100.00% 10 100.00% teikoku oil Ecuador 35 60 62.00% 100.00% 170 54.88% 10,722 52.70% 10 100.00% 100 94.00% 14 * albacora Japão Petróleo Limitada 6,525 MI Berau B.V. 656,279 50.00% 44.00% LNG 6,852 37.50% Frade Japão Petróleo Limitada 8,000 19.60% Block 3/05 JJI S&N B.V. 36,883 25.00% 6,400 15.00% 8 * Frade Japão Petróleo Limitada 103,051 1 * 0.0003% INPEX Corporation 85
2008 3 31... 9,000,000... 1... 33,177...2,358,409.13... 1...1 1 0.09% 1 2,047.10 12.30% 135 290,087.20 2.78% 31,921 65,420.84 0.81% 71 19,045.46 16.24% 626 383,079.37 38.43% 422 906,421.41 2 29.35% 1 692,307.75 1 2 % 692,307.75 29.35 267,232.68 11.33 193,460.40 8.20 176,760.00 7.49 111,920.06 4.75 66,441.00 2.82 54,804.00 2.32 46,446.00 1.97 35,993.00 1.53 JFE 23,307.00 0.99 86 INPEX Corporation
INPEX CorPoratIoN 107-6332 5-3-1 Biz 2006 4 3 2008 3 31 1,724 2008 3 31 300 1 2 2008 10 1 Ir http://www.inpex.co.jp/ Ir Ir Ir 03-5572-0234 FaX 03-5572-0235 INPEX Corporation 87
107-63325-3-1 Biz tel 03-5572-0200 http://www.inpex.co.jp/ P.1 P.42 P.43 P.86 Printed in Japan