FINWIRES · TerminalLIVE
FINWIRES

Metropolitan CCS Wins Approval for Offshore Drilling in Japan

-- Metropolitan CCS said Wednesday it secured approval to begin offshore drilling in Chiba, advancing plans to store carbon dioxide as part of a broader Carbon Capture and Storage initiative.

Metropolitan CCS is a joint venture between Inpex and Kanto Natural Gas Development, combining upstream expertise with regional energy infrastructure capabilities.

The approval was granted by Japan's Ministry of Economy, Trade and Industry, designating the joint venture as operator for exploratory drilling in the Kujukuri offshore area, the company said.

The permit falls under Japan's Carbon Dioxide Storage Business Act following the designation of the Chiba offshore zone and a competitive application process.

Metropolitan was selected to conduct drilling to assess underground formations suitable for CO2 storage, the company added.

The company said the broader project aims to capture emissions from industrial sources, including Nippon Steel's East Nippon Works and facilities in the Keiyo Industrial Complex.

Captured carbon dioxide will be transported via pipeline and stored offshore, with operations targeted to begin in the early 2030s, according to the company.

Exploratory drilling will include two wells offshore Kujukuri, with the first expected to take about four months and the second about three months, the company added.

The first well is planned at about 1,900 meters below sea level, while the second will reach about 1,600 meters, according to the company.

Drilling will be conducted using a jack-up barge, initially about 5 kilometers offshore before relocating roughly 13 kilometers for the second well.

The company said it will prioritize safety, including coordinating with local fisheries and deploying guard vessels to prevent disruptions to nearby marine traffic.

Related Articles

Asia

Shakti Pumps (India) Invests INR100 Million in EV Mobility Unit

Shakti Pumps (India) (NSE:SHAKTIPUMP, BOM:531431) said it has invested 100 million Indian rupees in its wholly owned subsidiary Shakti EV Mobility by subscribing to 10 million equity shares, according to a Tuesday filing to the Indian stock exchanges.Shares of the company rose 1% in Wednesday's trade.With this, Shakti Pumps' total investment in the EV mobility unit has increased to 650 million Indian rupees, the filing said.The investment is aimed at supporting business expansion of the subsidiary, it added.

$BOM:531431$NSE:SHAKTIPUMP
Asia

Challenger's Fiscal 2026 Q3 Update Missed Consensus Across Key Life Metrics, Jarden Says

Challenger's (ASX:CGF) fiscal 2026 third-quarter update missed consensus across key Life metrics, with FM outflows significantly worse than expected, driven by institutional equity mandate attrition in both Australian and global equities, according to a Tuesday note by Jarden.The firm's redemption of all CGFPC notes on May 25 simplifies the capital structure, reduces the AT1 coupon burden, and is earnings-per-share accretive.Jarden sees balanced risk/reward for Challenger in the future, with catalysts including capital management flexibility from the Australian Prudential Regulation Authority reform, as well as expanding retirement partnerships across superfunds.It lowered its fiscal 2026 sales forecast to reflect weaker institutional fixed-term sales, partially offset by higher retail annuity sales as partnerships come online.The investment firm retained its neutral rating on Challenger and raised the price target to AU$8.70 per share from AU$8.60 per share.

$ASX:CGF
Asia

Proya Cosmetics 2025 Profit Down 4%, Revenue Slips 2%

Proya Cosmetics (SHA:603605) posted 2025 attributable net profit of 1.50 billion yuan, down 3.5% from 1.55 billion yuan the previous year.Earnings per share slid to 3.80 yuan from 3.92 yuan, according to a Wednesday filing with the Shanghai bourse.Operating revenue declined 1.7% year over year to 10.6 billion yuan from 10.8 billion yuan.Shares of the cosmetics maker were up over 1% in recent trade.

$SHA:603605