Spending plans: at Inpex
Inpex plans upstream cash splash
Japanese producer Inpex Corporation plans to increase its investment in upstream projects by more than 20% this fiscal year, a company executive said.
Inpex plans to invest 310 billion yen ($3.2 billion), with more than two thirds of that eyed for overseas investment, up from 235.3 billion yen in the last fiscal year, Mutsuhisa Fujii, an executive vice president, told Reuters.
The fiscal year started on 1 April.
Inpex is involved in a number of overseas oil and gas projects including the Kashagan development off Kazakhstan and the Ichthys liquefied natural gas project in Australia.
Inpex's net profit fell 16.3% in the business year that ended 31 March 2009 to 145.06 billion yen.