The future outlook of japanese oil exploration and development activities in foreign countries in 21st century

摘要

Now, Japanese oil exploration companies face an unprecedented crisis. To begin with the abolishment of Japan National Oil Corporation (JNOC) which played the most important role in the oil exploration activities in foreign countries, there are many problems such as the lost of oil development interest in Saudi Arabia and the accumulated loss of some Japanese oil companies. On the other hand, the dependence on Middle East in the field of oil import of Japan is approaching the critical level i.e. more than 85%. The act of abolishment of Japan National Oil Corporation could be regarded as the model case of the reformation of a public corporation in Japan. The main functions of JNOC include (1) to provide oil exploration activities with risk money, (2) research and development in the field of oil exploration, (3) to manage the national petroleum reserve. And, these important functions will be succeed to a newly established independent administrative entity, which means the Government recognizes the importance of national aid in oil exploration. Of course, there are some problems to be solved in the past JNOC's activities. Since the establishment of JNOC 34 years ago, it has lent and invested about 2 trillion Japanese Yen and has had the accumulated loss of 0.9 trillion Yen. This is mainly why the Japanese oil exploration policy was unsuccessful in strengthening the Japanese oil companies and unexpected changes of international economy such as the rapid appreciation of Japanese Yen occurred. In the 21st century, in order to compete equally with Western Super Oil Majors, which have the advantage of capital and technology ,it is to some extent essential for the Government to assist the Japanese oil companies. Japan, as the second largest oil consuming country, is responsible for the development of upstream business which gives us a large amount of benefit. In addition, it is necessary for us to establish a core oil exploration company including electric companies, gas companies and sogoshousha together with the Governmental aid, because big projects such as the developments of oil and gas fields amount to 1 trillion yen.