Japex Pledges ¥1.16T to Quadruple Oil Output by 2035, Targets US Shale Expansion

Japan's Japex detailed its aggressive 10-year strategy today, committing ¥1.16 trillion ($7.3bn) to exploration and production, aiming to boost output to 180,000 boe/d by FY2035 from 45,000 boe/d. Over half of overseas spending targets the US, including ~¥200bn for recently acquired Verdad Resources assets after a $1.3bn deal. Net profit is projected at ¥100bn with 12% ROE by 2035, alongside carbon storage scaling to 1.5-2m tonnes annually by FY2031. This upstream push signals positive long-term catalysts for WLDOIL amid geopolitical supply tensions, though broad replication could ease medium-term price pressure.