INPEX Withdraws Bonaparte CCS Project in Australia, Stock Volatility Increases
INPEX has withdrawn its offshore environmental plan for the Bonaparte Carbon Capture and Storage project in Australia due to delays in the approval process, leading to increased stock volatility. The company's recent share buyback program aimed to stabilize its stock, which closed at 3,213.00 JPY, but ongoing uncertainty regarding CCS projects and rising bond yields in Japan continue to exert pressure. Future stock performance is expected to hinge on developments in the Australian environmental approval process.
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INPEX has officially withdrawn its offshore environmental plan for the Bonaparte Carbon Capture and Storage (CCS) project in Australia, causing stock volatility. The decision, made on January 18, follows delays in the approval process and impacts the timeline for the project's planned capacity of 10 million tons of CO2 per year.
INPEX recently completed a share buyback program of approximately 35.2 million shares, costing around 99.99 billion JPY, to stabilize its stock amidst market fluctuations. However, uncertainty regarding the CCS projects and rising bond yields in Japan continue to pressure the stock, which closed at 3,213.00 JPY with a 0.56% intraday increase. Future stock performance will depend on new developments in the Australian environmental approval process.
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