Japan, a country that has historically imported almost all the oil and gas it consumes, may have a new domestic source. That is, if an exploration project operated by INPEX in the Sea of Japan is successful.
The Japanese energy company said in a press release on 17 January that drilling is planned to take place between March and July. It added that the proposed subsea well will be drilled about 130 km (80.7 miles) offshore Hamada in the Shimane Prefecture.
“If the project leads to the commercial production of oil and natural gas, it is expected to contribute to the improvement of Japan’s energy self-sufficiency rate,” INPEX said in a statement.
Since last decade, INPEX said it has been collecting geophysical and other evaluation data from the exploration area. The Tokyo-based company noted that this previous exploration work has bolstered its confidence in the next round of offshore drilling.
In 2016, INPEX drilled a subsea well to a total depth of 2900 m (9,514 ft) in about 210 m (689 ft) of water depth. The well encountered what was described as a “thin gas reservoir in a shallow zone, as well as some gas indications in deeper zones.” INPEX said it also found “unexpected, strong gas indications” which suggests the existence of a high-pressure gas column in the well’s deepest section. This offshore project was the area's first since the 1980s.
Japan is one of the world’s top energy consumers, but its lack of natural resources has made it reliant on exporting nations. In recent years, Japan imported upwards of 99% of the crude oil it consumed and around 95% of its natural gas.
In 2019, the nation produced about 127,000 BOPD, of which about 10,000 B/D was light crude and natural gas liquids, according to estimates from the US Energy Information Administration.
