Japan’s oil and gas company Inpex has announced plans to spend up to JPY 4.4 trillion ($38bn) on growth areas in the next nine years.

The company will invest one trillion in decarbonisation projects, which also consist of hydrogen and ammonia.

It targets to increase its annual commercial production of hydrogen to more than 100,000 tonnes by around 2030, Reuters reported.

As part of its new long-term business plan, Inpex will continue to make investments in liquefied natural gas (LNG) as an important growth fuel.

Inpex CEO Takayuki Ueda was quoted by the news agency as saying: “As a pioneer in energy transformation, we aim to provide a stable supply of diverse and clean energy sources including oil and natural gas, hydrogen and renewable power.”

Under the new plans, the Tokyo-based company will also focus on reducing carbon dioxide (CO2) emissions.

Inpex aims to inject 2.5 million tonnes of CO2 a year, with its carbon capture and utilisation and storage (CCUS) technology.

Unde said that the company will take a selective approach for investments in oil projects.

It will also consider early commencement of production for those projects for early recovery of costs given the uncertainty over the long-term outlook for demand, Unde added.

In November last year, Inpex has agreed to purchase a 50.5% stake in Idemitsu Snorre Oil Development (ISD), which has 11 oil and natural gas assets in production and under development in Norway.

The company is already a partner to Idemitsu in a gas field development project offshore Vietnam.

Inpex also plans to expand its renewable energy capacity to up to 2GW by 2030.

The firm agreed to buy stakes in two offshore wind farms in the Netherlands, from Diamond Generating Europe (DGE-NL), a subsidiary of Mitsubishi.

The acquisition includes a 50% stake in the 129MW Luchterduinen and a 15% stake in the 731.5MW Borssele III/IV offshore wind farms.