Japan Petroleum Exploration (Japex) announced a ¥1.16 trillion ($7.3 billion) investment to quadruple its oil and gas output over the next decade, focusing on U.S. shale assets. The move positions the Japanese operator to boost profitability and secure a larger share of the global energy supply. Context Japex is targeting a 12% return on equity and a net profit of 100 billion yen by 2035 as it shifts its focus from traditional markets to high‑growth U.S. and Southeast Asian assets. The company’s strategy follows a broader industry trend of Japanese firms seeking deeper exposure to U.S. shale and low‑carbon projects. Key Data In February, Verdad Resources was acquired for $1.3 billion, the largest transaction in Japex’s history, giving it tight oil and gas assets in Colorado and Wyoming. More than half of the ¥1.16 trillion investment will be directed to the U.S., while the company also plans to expand in Norway through its subsidiary Japex Norge AS and in Indonesia by acquiring a 50% stake in the Gebang gas block . In Norway, Japex Norge AS recently secured a 20% interest in Production License PL1119 from OKEA ASA , covering the Mistral South gas field and the Mistral North exploration prospect. The company aims to start production at Alve Nord in the first half of 2027 and expects the Secanggang gas field within the Gebang block to come onstream by 2027. Additionally, Japex plans to store 8 million metric tons of CO₂ by 2035 as part of its CCUS operations. Outlook With a robust U.S. portfolio and a clear roadmap for cost‑efficient development in Norway and Indonesia, Japex is poised to deliver the targeted profitability and return on equity. The company’s expansion into CCUS and BECCS projects further signals a commitment to decarbonisation while maintaining growth in conventional production.