Enerquill Advisory · Research Work with us
Screening universe › Integrated › 1662.T

Japan Petroleum Exploration (JAPEX) (1662.T · Tokyo)

Integrated — HQ Japan. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category IntegratedRegion Asia-PacificCEO Michio Ikeda (2021)Jurisdiction risk Low (7)

Overview

JAPEX is a Tokyo-listed integrated oil & gas company combining a domestic Japan E&P and gas-supply business, an overseas upstream arm centred on the Hangingstone oil-sands project in Alberta (via Japan Canada Oil Sands, JACOS), and a large infrastructure/utility footprint of LNG receiving terminals, long-distance gas pipelines and power generation. It carries a net-cash balance sheet and a significant cross-shareholding in INPEX.

FY ending March 2026 revenue was ~JPY340bn (~$2.3bn) with net income ~JPY53bn (~$0.36bn), down from the FY2025 (Mar-25) peak of ~JPY389bn revenue and ~JPY81bn net income on softer prices. The shares trade below book value (equity ~JPY659bn / ~$4.5bn vs market cap ~$2.9bn), reflecting deep asset value, low ROE, and heavy reinvestment into low-return infrastructure and energy-transition projects (offshore wind, hydrogen/CCS).

Valuation snapshot (FY2025)

Market cap
$2.8bn
Enterprise value
$2.5bn
EV / EBITDA
3.8x
P / E
7.8x
FCF yield
17.9%
Dividend yield
3.9%
ROACE
6%
Debt / equity
5%
Net debt / EBITDA
-0.5x
EV / reserves
$10.93/boe
EV / flowing
$63k/boe/d
Free cash flow
$0.5bn

Its EV/EBITDA of 3.8x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 17.9% is higher than the 6.5% median, and at $10.93/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, Japan Petroleum Exploration (JAPEX) scores 66/100, strongest on safety (94/100). Sub-scores: value 73, quality 44, growth 39, risk 6 (higher = riskier).

Reserves & production

Japan Petroleum Exploration (JAPEX) holds approximately 0.23 billion boe of proved (1P) reserves with FY2025 production of about 39 thousand boe/d (74% liquids), a reserve life of roughly 15.8 years. Break-even: n/a (integrated (E&P + infrastructure)) — No single upstream breakeven is meaningful: earnings blend domestic Japan oil & gas, Canadian Hangingstone oil-sands bitumen (steam/opex-sensitive, higher breakeven), and regulated/contracted LNG terminal, pipeline and power infrastructure revenue that is largely decoupled from spot commodity prices.

Net asset value (public-source)

For Japan Petroleum Exploration (JAPEX), no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

7 /100
Low jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Japan70%7Stable; import-dependent, no material upstream.
Canada30%8Stable; pipeline egress constraints, oil-sands emissions policy.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

Need this for a live deal on 1662.T?

Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.

Work with us →About Enerquill

Key assets & projects

AssetLocationTypeNotes
Domestic oil & gas fieldsJapanUpstream oil/gasOnshore/offshore Japan production; core legacy E&P
Hangingstone oil sands (JACOS)CanadaOil sands (SAGD bitumen)Operated via Japan Canada Oil Sands; largest overseas asset, holds most 1P reserves
LNG receiving terminalsJapanInfrastructureFukushima Soma and other LNG import/regasification terminals
Long-distance gas pipelinesJapanInfrastructureTrunk gas transmission network supplying domestic customers
Gas supply & city-gas / powerJapanUtilityWholesale gas and IPP/power generation businesses
INPEX cross-shareholdingJapanEquity holdingLarge listed stake in INPEX; non-core financial asset
Offshore wind / renewablesJapanEnergy transitionParticipation in offshore wind and low-carbon ventures
Hydrogen / CCS venturesJapan/CanadaEnergy transitionEarly-stage decarbonization and CCS projects

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)5554525139
Proved reserves (bnboe)0.240.230.220.220.23
Revenue ($bn)1.72.32.22.62.3
EBITDA ($bn)0.40.70.70.70.6
Net income ($bn)-0.20.50.40.60.4
Free cash flow ($bn)-0.10.10.10.10.5

Get the 1662.T one-page tearsheet (PDF)

Enter your email and we'll open a print-ready one-page tearsheet for Japan Petroleum Exploration (JAPEX) — and add you to the monthly oil & gas valuation screen.

Peer companies — Integrated

SU · Suncor EnergyE · EniROSN · RosneftCVE · Cenovus EnergyIMO · Imperial OilLKOH · LukoilSIBN · Gazprom NeftGAZP · GazpromREP · RepsolOMV · OMVTATN · TatneftSNGS · SurgutneftegasGALP · Galp EnergiaORG · Origin Energy

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare 1662.T against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com