ITOCHU Oil Exploration Co., Ltd. announces participation in the Japan Geothermal Association.

April. 01, 2023

ITOCHU Oil Exploration Co., Ltd. is pleased to announce that it has joined the Japan Geothermal Association(JGA).

In October 2020, the Japanese government declared its goal of becoming carbon neutral, which means reducing overall greenhouse gas emissions to zero by 2050. To achieve the carbon neutrality, it is necessary to maximize the introduction of renewable energy as the primary source of electricity, however Japan, surrounded by the sea on all sides, has a vulnerable renewable energy supply due to its shallow sea area being only one-eight of the UK and the flat area excluding forests being only half of Germany. On the other hand, as a volcanic country, Japan is recognized as a country with the third largest geothermal resource in the world, and Japan has a very high potential for geothermal power generation. Geothermal power generation is one of the sustainable renewable energies that emits almost zero carbon dioxide and can be stably generated power unaffected by weather and other natural conditions, and is also the base load power source. In addition, the geothermal power generation utilized high-temperature steam and hot water erupting from the underground, can be regarded as a field with high technical affinity for oil and gas business in the exploring and developing underground resources.

Under these circumstances, we have decided to join the Japan Geothermal Association and to consider promoting the geothermal power generation business. The Japan Geothermal Association was established in 2012 with the aim of promoting the orderly dissemination of geothermal power generation in Japan, and it is a representative organization of the geothermal development industry in Japan, with more than 90 companies and organizations as members. Through our activities in the association, we will not only incorporate the latest information and technological trends in geothermal power generation into our business, but will also make our best efforts to contribute for the development of the geothermal power generation industry through our knowledge and experience in oil and gas business.

As a member of the ITOCHU Group, we continuously contribute for the stable supply of energy while actively promote decarbonization projects.