JOGMEC’s New Name, Added Functions, and Reorganization due to the Revision of the JOGMEC Act
November 14, 2022
Revised on November 15, 2022
JOGMEC is pleased to announce that the revised Japan Oil, Gas and Metals National Corporation Act ("the revised JOGMEC Act") has come into effect to achieve "carbon neutrality by 2050" and the ambitious greenhouse gas reduction goals for FY2030. As a result, JOGMEC (Head Office: Minato-ku, Tokyo; President: Tetsuhiro Hosono) has added functions of equity investment for production and storage of hydrogen and ammonia, as well as for carbon dioxide capture and storage (“CCS”), and geological structural survey for offshore wind power generation.
In addition, JOGMEC's official name has been changed from “Japan Oil, Gas and Metals National Corporation” to "Japan Organization for Metals and Energy Security”.
Further, JOGMEC has changed its organizational structure to reflect the addition of new functions.
JOGMEC will continue to contribute to the stable supply of energy and mineral resources to Japan.
1．Outline of the revised JOGMEC Act
- Adds functions of geological structural surveys for offshore wind power generation.
- Adds functions of equity investments in the production and storage of hydrogen and fuel ammonia.
- Adds functions of equity investments in CCS projects and sub-bottom profiling surveys for that purpose.
- Adds functions of equity investments for domestic processing and smelting of rare metals.
Among the new functions added by the revised JOGMEC Act, "functions of equity investment in overseas project on exploration of large-scale geothermal power generation" and "provision of information based on the Energy Conservation Act" will come into effect and begin on April 1, 2023.
JOGMEC's official name has been changed from “Japan Oil, Gas and Metals National Corporation” to "Japan Organization for Metals and Energy Security”.
The English abbreviation will continue to be "JOGMEC," as it has been well-established.
In accordance with the functional enhancement due to the revised JOGMEC Act, JOGMEC was reorganized and renamed as of today, November 14.
The main changes to the organizational structure are as follows.
Please refer to the organization chart under "Organization" on the JOGMEC website for the structure.
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General Coordination Division
Public Relations Division