伊奇斯项目11月恢复满产；长期项目推进中

Core Viewpoints - The report maintains an Outperform rating for International Petroleum Development (1605 JP), highlighting the company's solid outlook following its investor day, particularly focusing on its LNG projects and renewable energy strategy [2] - The Ichthys LNG project is expected to resume full production by November 2024, with ongoing assessments for the potential development of a third train by 2030 [2] - The Abadi LNG project is progressing, with a targeted internal rate of return (IRR) of around 15%, and a final investment decision (FID) expected in 2026/27 [2] - The company is advancing its renewable energy strategy, including hydrogen and carbon capture, utilization, and storage (CCUS) projects, with pilot projects set to commence in Japan by 2025 [2] Ichthys LNG Project - The Ichthys LNG project experienced unplanned maintenance during the summer of 2024, with the second train operating at only 50% capacity due to a gas leak [2] - Current operational capacity is at 70%, with plans to inspect the first train for potential gas leaks and achieve full production by November 2024 [2] - The company is evaluating the development of a third train, with exploration drilling expected to be completed by the end of 2024 [2] - Potential oil resource rent tax impacts around 2026 are being considered, and negotiations with unions are ongoing [2] Abadi LNG Project - The Abadi LNG project is targeting an IRR of around 15%, with a production capacity of 9.5 million tons/year of LNG and 150 million standard cubic feet/day of pipeline gas [2] - The final investment decision (FID) is expected in 2026/27, following front-end engineering design (FEED) activities [2] - The company is in discussions with potential buyers, with positive feedback received so far [2] Renewable Energy Strategy - The company is advancing its renewable energy projects, including hydrogen and CCUS initiatives, with a target of 2.5 million tons/year of CO2 injection, 60,000 tons/year of synthetic methane, and 100,000 tons/year of green hydrogen [2] - Pilot projects for synthetic methane and blue ammonia/hydrogen are set to commence in Japan by 2025 [2] - The company aims to allocate 20% of its growth investments to low-carbon projects by 2030, with a target of investing up to 1 trillion yen in five net-zero projects [2] Financial and Operational Highlights - The company did not provide specific financial guidance for FY2024, including revenue, operating profit, net profit, or dividend expectations [2] - No mention was made of the FY2024 share buyback guidance of 130 billion yen [2] Exploration and Development Activities - The company has completed drilling for the Cash Maple gas condensate field, with plans to begin production in the 2030s [5] - Two exploration wells near the Ichthys project were unsuccessful, but the company has acquired the AC/P71 exploration block adjacent to the Cash Maple project [5] - The company is pursuing economically efficient backfill opportunities for the Ichthys LNG project [5]