Japan will focus investment on foreign upstream assets over the next five years, fast-tracking its target to meet 40pc of its 2030 oil and natural gas demand from its own output. The country’s cabinet has endorsed a reform bill permitting state energy agency Jogmec to take an expanded role in efforts to boost upstream output. It allows Jogmec to invest directly in overseas upstream companies jointly with Japanese firms and to acquire stakes in state-run oil and gas firms.
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