Gas, and LNG in particular, is at the heart of INPEX Corporation (INPEX). Its flagship Ichthys LNG project expects first LNG in late-2017. The project is expected to absorb nearly 70% (US$7 billion) of INPEX's total 2016/17 capital expenditure, hence successful execution is a top strategic priority. Historically, INPEX has been financially prudent, holding a significant amount of cash on its balance sheet. However, the price drop coincided with peak investment in Ichthys LNG and INPEX had limited scope to cut costs. Exploration, as one of the few items of discretionary spend in the budget, has been slashed as a consequence, with only 2.5% (US$155 million) of capital expenditure planned in the 2016/17 financial year allocated to exploration; a 15 year low.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Nov 2016
INPEX Corporation oil and gas exploration summary
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