March 16, 2022

Joint bid for a Greenhouse Gas Assessment Permit for a Greenhouse Gas Storage Acreage Release Area in Australia

JX Nippon Oil & Gas Exploration Corporation ("JX") (President and CEO, Hiroshi Hosoi) is pleased to announce that it has executed Joint Bidding Agreement with deepC Store Limited ("dCS") (Chairman, Jack Sato) for a Greenhouse Gas Assessment Permit for a Greenhouse Gas Storage Acreage Release Area in Australia.

The Greenhouse Gas Storage Acreage Release Area located in Commonwealth waters offshore Australia is considered a suitable site for Carbon Dioxide ("CO₂") storage, which is planned to be captured from industrial sources in Australia, Japan and the Asia-Pacific region, shipped as liquid CO₂ from capture sites to CO₂ Floating Storage and Injection ("FSI") hub facility, and injected through wells for storage in a subsurface storage complex in close proximity to the FSI hub facility.

Through a Joint Study Agreement, JX has been collaborating with dCS to perform a feasibility study for capturing and transporting liquefied CO₂ to an offshore floating Carbon dioxide Capture and Storage (CCS) hub project ("CStore1"). The Greenhouse Gas Storage Acreage Release Area fits with the concept of CStore1 and we plan to evaluate the area as a potential CO₂ injection site for CStore1.

JX believes CO₂ Capture, Utilization and Storage (CCUS) will play an important role in the realization of carbon neutrality. JX has an established and proven track record in several CCUS projects, such as a CO₂ Enhanced Oil Recovery (CO₂-EOR) pilot test in Vietnam and the Petra Nova CCUS Project utilizing CO₂ captured from a thermal power plant in Texas, U.S.A.

One of ENEOS Group's envisioned goals for 2040 is contributing to the development of a low carbon, recycling-oriented society with the pursuit of carbon neutral status in our own CO₂ emissions. As part of our efforts to achieve this goal, JX continues to work toward the promotion of CCUS businesses.