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History

History of JOGMEC

To ensure a stable, inexpensive supply of oil, the Japan Petroleum Development Corporation (JPDC) was established in 1967 as the parent organization for promoting the exploration and development of primarily overseas oil resources. Its primary role at the time of establishment was to provide necessary funding and liability guarantees for overseas oil exploration.

In 1972, JPDC added natural gas to its scope of business in order to diversify energy sources. In 1978, under the new name Japan National Oil Corporation (JNOC), it commenced oil stockpiling.

Meanwhile, in 1963 the Metallic Minerals Exploration Financing Agency of Japan was established to strengthen the competitiveness of Japan's metal mining industry and ensure a stable, inexpensive supply of metals. Its primary role at the time of establishment was to provide necessary loans for metals exploration. In 1973, the agency began providing financial support for controlling mine pollution caused by the metal mining industry and other sources, and changed its name to the Metal Mining Agency of Japan (MMAJ).

In February 2004, JNOC and MMAJ were integrated to establish Japan Oil, Gas and Metals National Corporation (JOGMEC), which assumed their respective roles as an independent administrative institution.