Japan Petroleum Exploration Co., Ltd. (hereafter, “JAPEX”) is pleased to announce that through Greenland Petroleum Exploration Co., Ltd. (hereafter, “GreenPeX”), it was successful in the 2012/2013 Licensing Round in Greenland Sea Area, Greenland Self-Government, and won the two offshore explorations licenses, Block 9 and Block 14, in Kanumas Area, northeastern part of offshore Greenland, jointly with Chevron and Shell. The Joint venture has also entered into the licensing contracts for Block 9 and Block 14 and concluded as 2013/45 License and 2013/46 License, respectively, with the Ministry of Industry and Mineral Resources of Greenland.

2013/45 License and 2013/46 License are located in Kanumas Area, approximately 60-200 km northeastern part of offshore Greenland with a water depth of approximately 150m to 450m and span area of 2,220 km2 and 2,634 km2, respectively. Kanumas Area is a frontier area where no well has been drilled for oil and gas exploration, and many E&P* companies have taken their interests for expected major oil and gas discoveries.

In these exploration licenses, Chevron as the Operator, Shell and Greenland Petroleum each holds 29.1667% participating interest while Greenland national oil company, Nunaoil, holds 12.5% participating interest. The aforesaid participants will conduct exploration activities including seismic acquisition etc. in these Licenses for the new discovery of oil and natural gas.

Please be advised, in addition, that this exploration project has been financially assisted by Japan Oil, Gas and Metals National Corporation.

JAPEX has been identifying the E&P business as one of JAPEX’s major growth strategies in our Medium-Term Business Plan. JAPEX plans to increase production volume and proved reserves by shifting exploration and development investment overseas. Going forward, JAPEX also continue to proactively pursue business activities to develop new projects.

About Japex

Japan Petroleum Exploration Co., Ltd. (JAPEX) is engaged in oil and natural gas exploration and production (E&P) activities both in Japan and overseas. Its main operating areas are Hokkaido, Akita, Yamagata and Niigata in Japan. Overseas, JAPEX is active in Canada, Indonesia, Iraq and other regions where it has offshore interests. JAPEX was founded in December 1955 as a special-purpose company through a government initiative and has continued to explore and produce oil and natural gas in Japan while expanding its activities overseas. Between 1967 and 1970, JAPEX was incorporated into the Japan Petroleum Development Corporation (JPDC) as its E&P operating body. Thereafter, JAPEX was separated and re-established as a private-sector company under the former Commercial Code in April 1970. JAPEX listed on the First Section of the Tokyo Stock Exchange in December 2003.

About Chevron

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, California.

About BP

BP is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.