Japan's equity oil, gas lifting ratio rises to 42.1%, highest on record in FY 2024-25

Japan's equity oil and gas lifting ratio extended its gain to 42.1% in the fiscal year 2024-25 (April-March), the Ministry of Economy, Trade and Industry said Feb. 17, marking the highest level on record, dating back to FY 2009-10.

METI attributed the increase in the ratio to a reduction in Japan's oil and natural gas import volume, as well as progress in oil and natural gas development projects, which have led to an increase in offtake amounts held by Japanese companies.

The FY 2024-25 equity oil and gas lifting ratio rose from 37.2% in FY 2023-24, marking the first year-over-year increase since FY 2020-21.

The FY 2024-25 ratio is based on the country's equity oil and gas lifting and domestic production volumes, averaging 1.789 million barrels of oil equivalent/day, compared with imports and domestic production of oil and gas.

Japan imports gas in the form of LNG.

The equity oil and gas lifting ratio is defined as the proportion of offtake amounts and domestic production volumes related to the interests of Japanese companies in the total import volumes and domestic production volumes of oil and natural gas.

Under the current 7th Strategic Energy Plan, formulated in February 2025, Japan aims to raise the country's equity oil and gas lifting ratio to more than 50% in FY 2030-31 and further to over 60% in FY 2040-41 to enhance energy security.