Inpex Corp DAC Initiatives for 2025: Key Projects, Strategies and Partnerships

Inpex’s Pivot to Execution: How Carbon Capture is Shaping its Global Strategy

From Feasibility to Full-Scale Deployment

An analysis of Inpex Corporation’s activities reveals a significant strategic inflection point in its approach to Carbon Capture and Storage (CCS). Between 2021 and 2024, the company’s focus was foundational, characterized by exploration and de-risking. This period saw Inpex initiating pilot projects like the Kashiwazaki Clean Hydrogen/Ammonia project with Expro and conducting feasibility studies, such as the one with Kawasaki for domestic CO2 storage. The partnership with JOGMEC to evaluate CCS potential in Australia’s Bonaparte Basin was a key exploratory move. The variety of these early-stage applications—spanning technical evaluation, hydrogen integration, and site assessment—demonstrates a methodical approach to building internal capabilities and understanding the commercial landscape before making substantial capital commitments.

Beginning in 2025, the strategy visibly shifted from exploration to execution and international expansion. A critical change is the maturation of early-stage concepts into commercially-focused ventures. The Bonaparte CCS project, once a subject of study, was awarded Major Project Status in partnership with industry giants TotalEnergies and Woodside Energy, signaling a clear path to large-scale deployment. Concurrently, Inpex established the “Metropolitan CCS, LTD.” joint venture in Japan, moving a JOGMEC-commissioned project from concept to a formal business structure. The most telling shift, however, is the expansion into Europe via the acquisition of a stake in the Trudvang CCS project in Norway. This move into a mature, regulated CCS market represents a new strategic opportunity to treat CCS not just as a decarbonization tool for its own assets, but as a standalone global business line. The primary threat now shifts from technical feasibility to the execution risk and capital discipline required to deliver these massive, multi-billion-dollar international projects on time and on budget.

Table: Inpex Corp Clean Energy and Strategic Investments

Table: Inpex Corp Strategic CCS and Clean Energy Partnerships

A Strategic Shift from Domestic Focus to Global CCS Hubs

Inpex’s geographic strategy for CCS has undergone a clear and rapid evolution. Between 2021 and 2024, activities were concentrated in its domestic market of Japan and the key neighboring region of Australia. Projects like the Kashiwazaki CCUS pilot, the Metropolitan Area CCS study with Nippon Steel, and the feasibility work with Kawasaki were centered on Japan, reflecting a focus on decarbonizing local industry and developing domestic capabilities. Simultaneously, the evaluation of the Bonaparte Basin in Australia with JOGMEC positioned the company to capitalize on a region with vast geological storage potential. This dual-region approach was logical, building a foundation at home while exploring a resource-rich nearby market.

From 2025 onwards, Inpex’s geographic footprint expanded dramatically, marking a pivot toward becoming a global CCS player. Australia remains a cornerstone, with the Bonaparte CCS project advancing to “Major Project Status.” However, the most significant development is the strategic entry into Europe with the investment in the Trudvang CCS project offshore Norway. This move is telling; it shows Inpex is targeting mature markets with established regulatory frameworks and carbon pricing mechanisms, signaling an ambition to operate CCS as a global commercial service. This expansion transforms Inpex from a company using CCS primarily for its own regional decarbonization needs to one actively participating in the creation of global, multi-user CCS infrastructure. This globalization of its CCS portfolio demonstrates that the technology is now central to its international growth strategy, not merely a domestic compliance tool.

From Pilot to Commercial Scale: Validating CCS Maturity

The maturity of Inpex’s CCS technology portfolio has advanced decisively from pilot and demonstration phases to commercial-scale deployment. In the 2021–2024 timeframe, the company’s efforts were firmly in the validation stage. The Kashiwazaki project with Expro was a pilot to prove the integration of carbon capture with hydrogen production. The feasibility study with Kawasaki focused on demonstrating the viability of domestic storage, while the JOGMEC partnership was an evaluative step to assess the potential of the Bonaparte Basin. These activities were essential for testing technical assumptions and economic models on a small scale, representing a cautious, phased approach to a nascent technology field.

The period from 2025 to the present marks a clear transition to commercial maturity and large-scale implementation. The launch of the Front-End Engineering Design (FEED) for the Abadi LNG project in Indonesia, which integrates CCS, and the Final Investment Decision for the Tangguh UCC project, signify that CCS is now a bankable component of multi-billion-dollar energy projects. Furthermore, the Bonaparte CCS project receiving “Major Project Status” moves it from a conceptual study to a government-backed, commercially-oriented infrastructure project. Inpex’s investment in the Trudvang project in Norway is perhaps the ultimate validation point, as it involves acquiring a stake in a developing large-scale, open-access CCS hub designed for commercial operation. This rapid progression from isolated pilots to integral components of major capital projects and standalone commercial ventures in just a few years validates the technical and commercial readiness of CCS within Inpex’s strategic framework.

Table: SWOT Analysis of Inpex’s CCS Strategy

The Year Ahead: Execution is the New Strategy

The most recent data from 2025 signals that Inpex has entered a new era where execution, not exploration, will define its success in the energy transition. The flurry of activity—from establishing a joint venture for the Metropolitan CCS project to acquiring a stake in Norway’s Trudvang project—indicates that the foundational work is complete. The year ahead will be a critical test of the company’s ability to deliver on these large-scale commitments. Market actors should pay close attention to progress on the Bonaparte CCS project in Australia and the Abadi LNG project in Indonesia; hitting key milestones on these ventures will be the most potent signal of Inpex’s capability. The move into the European CCS market is a clear signal that this technology is now viewed as a growth business, not just an operational necessity. While Inpex continues to grow its traditional oil and gas output, its ability to successfully build out its parallel CCS infrastructure will determine its long-term viability and credibility as a leader in the global energy transition. The key signal to watch is no longer new partnership announcements, but the tangible progress of steel in the ground.

Frequently Asked Questions

What is the main change in Inpex’s strategy for Carbon Capture and Storage (CCS) since 2021?
The primary change is a pivot from an exploratory phase (2021-2024) focused on pilot projects and feasibility studies to an execution phase (2025 onwards) centered on large-scale, commercial deployment and international expansion. The strategy has matured from de-risking the technology to building standalone, global CCS business lines.

How is Inpex expanding its CCS operations geographically?
Initially, Inpex’s CCS activities were concentrated in Japan (e.g., Kashiwazaki pilot) and Australia (Bonaparte Basin evaluation). From 2025, its footprint has become global. The most significant expansion is the entry into the European market by acquiring a stake in the Trudvang CCS project in Norway, signaling an ambition to operate in mature, regulated CCS markets worldwide.

What are some of Inpex’s key large-scale CCS projects mentioned in the report?
Key projects include the Bonaparte CCS project in Australia, which was awarded Major Project Status in partnership with TotalEnergies and Woodside Energy; the Trudvang CCS project in Norway; and the integration of CCS into the Abadi LNG project in Indonesia. In Japan, it established the “Metropolitan CCS, LTD.” joint venture to advance a domestic project.

According to the analysis, what is the biggest risk for Inpex’s CCS strategy now?
The analysis concludes that the primary risk has shifted from technical feasibility to execution risk. With commitments to multiple multi-billion-dollar international projects, the main challenge is now delivering these massive ventures on time and on budget. The threat has evolved from whether the technology works at scale to whether the company can manage the financial and operational complexities of execution.

Is Inpex only investing in CCS for its energy transition strategy?
No, the tables show that Inpex is diversifying its clean energy investments beyond CCS. For example, it has invested in EneCoat Technologies, a next-generation solar cell company, and is partnering with JERA to invest $1.25 billion in an Australian green hydrogen export hub. This is part of a broader plan to invest approximately ¥1 trillion JPY in five distinct net-zero businesses.

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