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    Japan's Inpex returns to profit in 2021

Summary

The company reported a loss of 111bn yuan in 2020.

by: Shardul Sharma

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Japan's Inpex returns to profit in 2021

Japanese energy firm Inpex on February 10 reported a sharp rebound in net income during the 12 months to December 31 thanks to higher oil and gas prices.

The net income came in at 223bn yuan ($1.92bn) last year compared with a loss of 111bn yuan in 2020. For 2022, Inpex expects to book a net income of 250bn yuan.

Inpex said in Niigata it is looking to produce carbon‐free hydrogen and ammonia through a natural gas reforming process and secure a greater volume of resources through underground injection of CO2 emitted from the reforming process. It is aiming to construct a blue hydrogen and ammonia production demonstration plant and start operation by 2024.

“Based on the results of the above initiative, aiming to construct a blue hydrogen production plant utilising Inpex natural gas fields and existing infrastructure and produce hydrogen on a commercial scale by around 2030,” the company said.

Inpex is also evaluating the feasibility of sequestering CO2 captured at the Ichthys LNG plant it operates in Darwin, Australia. It is aiming to introduce CCS in the late 2020s.

The company is looking to inject 2.5mn metric tons/year of CO2 by 2030, it said.