JX Nippon Oil & Gas Exploration Corporation (JX) announced in mid-March that it had reached an agreement with funds affiliated with Aspirant Group Inc. to acquire all of Japan Drilling Co. Ltd. (JDC)’s issued shares.
The company is moving forward with the procedures to obtain the necessary regulatory approvals, with the goal of completing the acquisition by the end of April. JDC will become a consolidated subsidiary of JX upon completion of the acquisition, with JX continuing to work to increase the corporate value of JDC and pursue its stable and continuous growth.
JDC is the only one company in Japan engaged in the offshore drilling business. JX claimed that by joining forces with JDC, which is also a valuable asset to Japan, their competitiveness in the oil and natural gas development business will further strengthen.
The ENEOS Group, which JX is a member of, 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 2040.
JX has accumulated the knowledge and technologies in respect of the Carbon capture and storage (CCS)/Carbon capture, use, and storage (CCUS) through its relevant projects, especially the Petra Nova Project.
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.
