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Malaysia

Block SK10 has been another of NOEX's key operations since its acquisition in 1987. Operator and NOEX subsidiary JX Nippon Oil & Gas Exploration (Malaysia) has been involved in the ongoing exploration and development of the block, including the production of natural gas. Natural gas produced from the block – along with natural gas from offshore Block SK8, which we acquired in 1989 – is exported in the form of liquefied natural gas (LNG) to various countries including Japan. We are now conducting exploration activities in Deepwater Block R, which we acquired in January 2012.

Project Summary:Helang Gas Field, Jintan Gas Field etc.

JV Participants and Interests

Helang Gas Field and Layang Gas Field (SK10)

Company Holding the Acreages ◎JX Nippon Oil & Gas Exploration (Malaysia) Limited
Shareholders (Holding Percentages) JX Nippon Oil & Gas Exploration Corporation (78.7%)
INPEX Corporation (15.0%)
Mitsubishi Corporation (6.3%)
Project Status Development/Production
Interest 75.0%
Partners (Interest) Petronas Carigali (25.0%)
Net Production 20,000 BOED

Note: ◎ operator

Jintan Gas Field and other Nearby Fields (SK8)

Company Holding the Acreage JX Nippon Oil & Gas Exploration (Sarawak) Limited
Shareholders (Holding Percentages) JX Nippon Oil & Gas Exploration Corporation (76.5%)
INPEX Corporation (15.0%)
Mitsubishi Corporation (8.5%)
Project Status Production
Interest 37.5%
Partners (Interest) ◎Shell (37.5%)
Petronas Carigali (25.0%)
Net Production 18,500 BOED

Note: ◎ operator

Deepwater Block R, Offshore Sabah

Company Holding the Acreage ◎JX Nippon Oil & Gas Exploration (Deepwater Sabah) Limited
Project Status Exploration
Interest 27.5%
Partners
(Interest)
INPEX Corporation (27.5%)
Petronas Carigali (25.0%)
Santos (20.0%)

Note: ◎ operator

The Full LNG Chain

Full LNG Chain from Exploration and Production of Gas to Marketing

Natural gas produced from the two blocks offshore Sarawak is transported through subsea pipeline to the liquefaction plant in Bintulu, Sarawak, where it is converted to liquefied natural gas (LNG). The plant is owned by Malaysia LNG Tiga Sdn Bhd, in which JXTG Group has a 10% interest. By being involved in the full LNG chain of exploration, development, production and marketing, JXTG Group is contributing to the stable supply of LNG to LNG-consuming countries, including Japan. NOEX has begun exploration activities in Deepwater Block R, searching for new reserves.

LNG: An Efficiently Stored and Transported Fuel

LNG is a form of natural gas consisting chiefly of methane. It is liquefied by refrigeration to minus 160 degrees Celsius after impurities such as water, sulfur and carbon dioxide have been removed. During liquefaction the volume of natural gas is reduced to 1/600, allowing LNG to be efficiently transported and stored. In Japan, LNG is primarily used by power companies for power generation and by city gas companies for gas supply to the local market.

Project History

JX Nippon Oil & Gas Exploration (Malaysia) Limited

Helang Gas Field and Layang Gas Field (SK10)

2003 November Started production at Helang gas field
1990 November Discovered Helang gas field in Block SK10

JX Nippon Oil & Gas Exploration (Sarawak) Limited

Jintan Gas Field and other Nearby Fields (SK8)

2004 Jun-Sep Started production at Serai gas field and Jintan gas field
1992-1994 Discovered Jintan gas field and Serai gas field in Block SK8
1991 May Acquired working interest in Block SK8 offshore Sarawak

JX Nippon Oil & Gas Exploration (Deepwater Sabah) Limited

Deepwater Block R, Offshore Sabah

2012 January Acquired working interest in Deepwater Block R, Offshore Sabah