Japan Petroleum Exploration announced a strategy to quadruple its oil and gas output over the next decade, targeting 180,000 barrels of oil equivalent per day by fiscal 2035 from the current 45,000 boe/d. The company will invest 1.16 trillion yen ($7.3 billion) in exploration and production, with more than half of the 1.1 trillion yen overseas E&P budget earmarked for the United States. In a recent acquisition, Verdad Resources Intermediate Holdings was purchased for $1.3 billion, the largest deal in the company's history. President Michiro Yamashita said, "We expect more than half of the investment to go to the U.S., including about 200 billion yen to develop Verdad's assets, while also considering new acquisitions." The remainder will be split roughly equally between Norway and Southeast Asia, with a focus on Indonesia. The plan also sets a net-profit target of 100 billion yen by fiscal 2035, up from 45 billion yen in fiscal 2025, and a return on equity goal of 12% versus 6.7% today. Carbon-capture ambitions include storing 1.5–2 million metric tons of CO₂ annually by fiscal 2031, aiming for a cumulative 8 million tons or more by 2035. Yamashita added, "The importance of securing stable fossil fuel supplies for national security has been reaffirmed by the Iran crisis, and the latest strategy reflects a global shift toward a pragmatic approach that meets rising energy demand while advancing decarbonisation." He also noted that the new plan does not factor in the impact of the Middle East crisis.