Japan’s Inpex Challenges Traditional Heavyweight Producers In Mena

Foreign incumbents in the Mideast upstream have largely been from Europe or the US. But Asian firms are challenging the status quo. Japan’s Inpex is closing in on European major Shell and is eying more as it seeks to double global output.

When it comes to Mena oil production, France’s Total is undoubtedly top dog with over 500,000 b/d in net output ( MEES, 23 November ). But behind Total, a chasing pack is jostling for the No.2 spot which looks set to be snatched by Chinese state-firm CNPC in an outcome that would have appeared unthinkable just a few years previously ( MEES, 25 May ).

CNPC’s Mena output is set to average more than 400,000 b/d in 2018, but it’s not the only Asian firm to have substantially increased its regional footprint in recent years. Japan’s Inpex – through its Jodco subsidiary – is currently producing around 220,000 b/d, placing it just behind Anglo-Dutch major Shell (see chart 1). (CONTINUED - 858 WORDS)

DATA INSIDE THIS ARTICLE

chart 1: Mena’s Top Overseas Producer, 2018*: Inpex Lags Traditional Heavyweights But Gap Is Closing ('000 B/D, Net)
chart 2: Inpex Middle East Output ('000 Boe/D)* Dips Over Opec Cuts, Abu Dhabi Offshore Reshuffle But Upwards Trend To Resume
table Inpex Abu Dhabi Stakes And Current Net Output ('000 B/D)