In November 2007, INPEX acquired a 10% interest in the Joslyn Oil Sands Upstream Project in Alberta, Canada.

The Joslyn project plans to conduct a multi-phase mine development which is expected to produce 100,000 barrels of bitumen per day as Phase-1 development in Joslyn North Mine. The development framework is under investigation and a final investment decision on its development is expected in the beginning of the next decade.

Along with acquiring an interest in the Oil Sands Upstream Project, INPEX acquired the right to participate in the Upgrader project planned by TOTAL in Edmonton, Alberta. This project plans to construct a new upgrader that anticipates a capacity of 130,000 barrels of synthetic crude oil as Phase-1 development.

INPEX was awarded a 100% working interest in a central onshore area, the East Guarico block, in July 1992. INPEX participated in oil and natural gas field rehabilitation, exploration and development activities as an operator under the operating service agreement (OSA) terms.

The existing OSAs were changed to joint venture agreements in 2006 after a change of policy by the Venezuelan government. Based on the new policy, INPEX established gas and crude oil venture companies jointly with Petroleos de Venezuela, S.A. (PDVSA), the Venezuelan national petroleum company, and from April 2006 continued the gas business in the Copa Macoya block and the crude oil business in the Guarico Oriental block (which replaced the East Guarico block). The new joint venture agreement also features contract extensions until 2026 for each of the two blocks.

Frade Japão Petróleo Limitada (FJPL), a joint venture established by INPEX and Sojitz Corporation, acquired a 12.75% working interest in the Frade block in Brazil’s offshore Northern Campos basin in July 1999. FJPL increased its working interest to 15% in July 2001. FJPL’s working interest rose further in June 2006 in line with contractual agreements, to approximately 18.3%.

After its initial discovery in 1986, the reserves of the Frade oil field were first estimated in 2001 with the drilling of two appraisal wells after FJPL acquired a participating interest in the block. A final investment decision to develop Frade was made in June 2006 after subsequent feasibility studies. Commercial production started in June 2009, marking the first crude oil to be produced in Brazil by an enterprise with a significant Japanese equity interest.

INPEX has participated in oil and gas development projects in the shallow waters of the U.S. Gulf of Mexico since April 2006. Following production startup from Ship Shoal 72 in July 2006, Main Pass 118 started production in April 2007, and West Cameron 401/402 and Louisiana SL19372 started production in November 2008.