Signing of a Joint Study Agreement on Inter-Well CO₂ Injection Test at Sukowati Oil Field, Indonesia

Japan Petroleum Exploration Co., Ltd. (hereinafter "JAPEX"), PT Pertamina (Persero), the national energy company of Indonesia (Pertamina), PT Pertamina EP (PEP), and Japan Organization for Metals and Energy Security (JOGMEC), have signed a Joint Study Agreement (hereinafter the "JSA") to conduct an inter-well carbon dioxide (CO₂) injection test (hereinafter, the "Test") at the Sukowati oil field in East Java province of Republic of Indonesia (hereinafter "Indonesia").

This JSA aims to develop a larger-scale inter-well injection test based on the results of a small-scale injection test ^(*1) using the Huff & Puff method ^(*2) with a single well to verify the effects of CO₂ injection, CO₂-EOR (Enhanced Oil Recovery) and CO₂ storage that was carried out in the fiscal year 2023. Through this JSA, the parties will develop a test plan and proceed with the execution of the Test.

This JSA was unveiled as an ongoing project at the Asia Zero Emission Community (AZEC) ^(*3) Ministerial Meeting held in Jakarta, Indonesia on August 21.

JAPEX will continue its efforts towards commercialization of the carbon-neutral businesses in Japan and abroad, including the Test, aiming for growth as a "comprehensive energy company" that meets the needs of the times and further enhances its corporate value.