Are Japan’s E&Ps facing an existential crisis?

Japanese E&Ps are a material, but often unheralded, part of the upstream industry. But today they find themselves at a crossroads, and structural change is coming. Domestic drivers to develop international oil and gas resources are weakening, and the energy transition has forced a review of upstream strategies. A gap is emerging between those who want to grow, and those want to exit. What are the strategic options available, and what could a restructured Japanese upstream corporate environment look like?