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News Release

FY2017

Divestment of Syncrude Oil Sand Project Interest

February 13, 2018

PRESS RELEASE

Mocal Energy Limited (President: Hidetoshi Ohashi), 100% subsidiary of JX Nippon Oil & Gas Exploration Corporation (President and CEO: Shunsaku Miyake), has agreed to sell its entire interest (5%) of Syncrude Oil Sand Project in Province of Alberta, Canada to a subsidiary of Suncor Energy.

Syncrude Oil Sand Project is one of major oil sand projects in Canada, which commenced production in 1978. We participated into this project in 1992. Crude oil production of this project in 2017 was 248 thousand barrels per day (gross), 12 thousand barrels per day (net).

Under the current JXTG Group Medium-Term Management Plan, we are repositioning our asset portfolio and conducting optimization of investment. This asset sale is consistent with our strategy under the Medium-Term Management Plan.

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