INPEX CORPORATION this week announced that Japan Carabobo UK Ltd. (“JCUK”) had submitted a notification of withdrawal from Carabobo Project 3 to the government of Venezuela and the Project partners by April 26, 2021, and has hereby terminated its business operations concerning the Project.

JCUK is a subsidiary of Japan Carabobo, Ltd., which is jointly owned by INPEX, Mitsubishi Corporation and the Japan Oil, Gas and Metal National Corporation (JOGMEC).

Through JCUK, INPEX and its partners had held a five percent participating interest in Petroindependencia S.A., a joint venture company also involving a subsidiary of Venezuelan state-owned oil and natural gas company PDVSA and others through which the party engaged in the Project mainly consisting of developing extra heavy crude oil in the eastern sector of the Orinoco Belt in the Bolivarian Republic of Venezuela.

The impact of this matter on INPEX’s consolidated financial results is minimal.