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Japan: JX Nippon Oil & Gas Exploration acquires Japan Drilling Co

16 Mar 2023

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JX Nippon Oil & Gas Exploration has reached an agreement with the funds related to Aspirant Group Inc. to acquire the entire issued shares of Japan Drilling Co. JX Nippon aims to complete the acquisition around the end of April of this year. Upon completion of the acquisition, JDC will become a consolidated subsidiary of JX Nippon.

Japan Drilling Co is the only company in Japan engaged in the offshore drilling business, and has built up an excellent reputation internationally for its technical capabilities as well as its professional personnel having highly specialized skills and knowledge.

The ENEOS Group, of which JX Nippon is a member, has set a goal in its 2040 Long-Term Vision that it will contribute to a low-carbon, recycling-oriented society, and has announced that it will work toward achieving carbon neutrality for its own emissions by FY2040. JX has accumulated the knowledge and technologies in respect of the CCS/CCUS through its relevant projects, especially the Petra Nova CCUS Project in U.S.A. and the CCS/CCUS is regarded as an effective measure for achieving the carbon neutrality. Drilling wells to inject and store CO2 underground is an important technological component of the CCS/CCUS value chain, and JDC's participation will further reinforce the CCS/CCUS value chain offered by the ENEOS Group and enhance its set-up and capabilities to help Japan achieve its carbon neutrality plan.

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Source: JX Nippon

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