Thank you for attending our investor meeting despite this very hot weather today. I understand that today is particularly hot. We've prepared some cold coffee for you, and I hope you listen to our presentations with that cold coffee at hand. Let me start with my explanation. To begin with, I'll give some explanations about the business overview for the six-month ended June 30th , 2022. I will start with the highlights for the half-year period. First, the external environment. As for the external environment surrounding our operations, in addition to the lingering effects of the COVID pandemic, the global energy situation is undergoing a significant change due to factors such as the Russia-Ukraine situation and the initiatives taken to combat climate change. The Russia-Ukraine situation remains to be unpredictable.
Although its direct impact on INPEX is quite small, as our investments in Russia is rather limited. However, we are starting to feel various repercussions, such as concerns about economic recession in the United States and other countries, changes in global energy supply-demand structure, and instability in energy prices. The situation surrounding global energy has become more volatile and uncertain than ever before. Against such an international backdrop, we, as an energy development company, must place utmost importance on securing stability of supply. We will continue to work on achieving stable supply of energy by ensuring safe and stable operations of our projects around the world, starting with the Ichthys LNG project in Australia, which we operate.
Ichthys, with its LNG production capacity of 8.9 million tons per year, which is equivalent to around 10% of LNG imported into Japan, continues to contribute towards long-term stable supply of LNG. During the first half of this fiscal year, we shipped 64 LNG cargos from Darwin. However, we have been undertaking planned shutdown maintenance from July to August as part of our effort to ensure continued stable supply. Moreover, we will expand our supply by increasing the production capacity of Ichthys to 9.3 million tons per year by 2024. We have also stepped up our efforts in Japan this year, such as by conducting natural gas exploration activities offshore Shimane and Yamaguchi prefectures and in Minami-Sekihara. We will continue to proactively pursue opportunities for quality gas assets going forward.
As for our oil business, we are conducting initiatives to enhance our production capacity, particularly in regards to Abu Dhabi. Stable supply of energy can only be achieved by continuing exploration and development investments from a long-term perspective with the support of various stakeholders, starting with our shareholders. This fiscal year, we have increased investments on a year-on-year basis to proceed with initiatives in various regions to contribute more than ever towards realizing stable supply. In parallel, we plan to inject approximately 20% of overall capital to the five net zero businesses during the midterm management plan period so that we can make steady progress towards achieving our goal of supplying clean and diverse energy. I will leave the detailed explanation regarding our results and forecast to Mr. Yamada in his part a little later, and I will just give you the key highlights.
INPEX posted consolidated net sales of JPY 1.0984 trillion and net profit attributable to owners of parent of JPY 184.4 billion for the six-month period, with net production volume reaching 654,000 barrels of oil equivalent per day. As for our full year forecast, we are expecting net sales of JPY 2.182 trillion, net income of JPY 350 billion, and net production volume of 619,000 BOED. We're also projecting to secure approximately JPY 510 billion of free cash flow for the fiscal year, including the Ichthys Downstream Incorporated Joint Venture. Regarding dividends, the interim dividend will be increased by JPY 3 from the recent forecast of JPY 27- JPY 30 per share.
Likewise, the year-end dividend is also projected to increase by JPY 3 from the recent forecast of 27 JPY- 30 JPY per share. Accordingly, we are forecasting the full year dividend for the fiscal year to increase by JPY 12 from the previous fiscal year's JPY 48 to reach JPY 60 per share. This will be the highest amount of annual dividend that we have ever paid out. Furthermore, in addition to the increased dividends, we have decided to undertake share buyback of up to JPY 120 billion. Accordingly, the expected level of total shareholder return ratio for this fiscal year will be around 57% on the basis of JPY 350 billion of net income we have forecasted for the year. Next, I will pick up on some project highlights.
In regards to our oil and natural gas business, we are continuing to achieve stable production at Ichthys in Australia, expecting to ship around 10 cargoes per month during 2022. In Abu Dhabi, we discovered multiple oil and gas deposits at onshore Block 4, and we are currently conducting appraisal work aiming to achieve early production. In Southeast Asia, regarding Abadi, we are undertaking a comprehensive study to make the project cleaner, such as through the usage of CCUS and measures to further reduce costs. In Japan, we commenced exploratory drilling operations offshore Shimane and Yamaguchi prefectures in May. In Europe, we completed acquisition of 50.5% shares in Idemitsu Snorre Oil Development Co., Ltd. in January.
As for our five net zero businesses, in regards to hydrogen and ammonia operations, we signed a memorandum of understanding to conduct a feasibility study on a green hydrogen production project in South Australia with an Australian power generation company, AGL Energy, in May this year. In the area of CCUS, we are currently evaluating the feasibility of injecting and storing CO2 generated from the Ichthys LNG project. In renewable energy operations, we decided in June this year to commence the construction phase of a geothermal power generation project we have in the Oyasu region of Akita Prefecture. Regarding carbon recycling and new business operations, we are currently conducting engineering work of a methanation demonstration plant with the aim of commencing operations in the latter half of 2024. With respect to forest conservation efforts, we are continuing to support the Rimba Raya REDD+ project in Indonesia.
Please turn to the next slide. I will now update you on the Ichthys LNG project. Production volume based on our participating interest in the project averaged around 225,000 barrels of oil equivalent per day during the three months from April to June 2022. Over the six months of the fiscal year, we shipped 64 LNG cargoes from Darwin. We have been carrying out planned shutdown maintenance at Ichthys from July to August, which is progressing quite steadily, and we were able to partially resume production on August 6th. Remaining work is already in the final stages, with efforts continuing towards ramping up production volume. As we announced at the start of the fiscal year, we are still expecting to ship around 10 cargoes of LNG per month on a full year basis.
As for production wells, we are currently drilling the 24th well. In regards to net income contribution of the Ichthys Project, including Ichthys LNG Pty Ltd at Ichthys Downstream IJV, the total for the first two quarters came to approximately JPY 130 billion. Profit contribution for the full year is expected to reach around JPY 265 billion. As for our LNG production capacity, we intend to further expand the current level by solidifying our structure to enable stable production of 9.3 million tons per year by 2024. We also intend to accelerate our involvement in exploration as well as in development of discovered assets nearby to further ensure sustained production over the long term. By doing so, we will look to further increase production volume with the potential of expanding Ichthys in around 2030.
As for OpEx, Ichthys remains to be competitive in comparison to our other assets currently in production. Please turn to the next slide about the Abu Dhabi operations. Regarding our operations in Abu Dhabi, all producing projects are continuing to operate stably. We are currently working to further enhance their production capacities. Regarding operations in Southeast Asia, we are continuing our work on making Abadi a competitive and clean project with the aim of commencing production in the early 2030s. In that regard, we are engaged in negotiations with the Indonesian government and related parties for a further revision of the plan of development with the aim of reaching FID in the latter half of the 2020s. Next, I would like to explain about our business in Japan.
During the first six months of the fiscal year, we sold approximately 1.2 billion cubic meters of natural gas in Japan, with the expectation of selling around 2.23 billion cubic meters for the full year. After receiving its first LNG cargo in 2013, now Naoetsu LNG Terminal welcomed its 50th LNG cargo in July of this year. In regards to our natural gas pipeline network, we are continuing to work on strengthening our supply infrastructure, such as with the extension of our Shin Tokyo line that will continue until 2024. As for exploration activities in Japan, in addition to offshore Shimane and Yamaguchi prefectures, we are planning to commence drilling exploratory wells in November this year in Minami-Sekihara, in order to investigate the possibility of additionally developing the Minami-Nagaoka Gas Field.
Next is an update on our business in Europe. The Snorre oil and gas project, whose assets we acquired last year, is producing approximately 31,000 BOED. As for the exploration activities, we discovered oil and gas deposits at offshore block PL 293 B in the Norwegian North Sea as a result of drilling the exploration well from March to April 2022. INPEX is proceeding to date with the analysis of the data obtained through the exploration work and evaluating the amount of reserves. As for other projects in the non-core areas, we continue to have a stable production in both Kashagan oil field in Kazakhstan and ACG oil fields in Azerbaijan. Regarding the Eagle Ford shale oil project in the United States, we are optimizing the work schedule based on the trend in oil price, taking advantage of the characteristics of the shale business.
Next is the update on the progress in our five net zero businesses. First is the hydrogen and ammonia business. In Kashiwazaki City, Niigata Prefecture, we are making progress in creating a demonstration plan of the hydrogen and ammonia business. We aim to construct a demonstration plant and start its operation by 2024. In addition, we aim to commercialize the blue hydrogen business by 2030 based on the results of the demonstration. In Abu Dhabi, based on the results of the feasibility study of the clean ammonia business which took place recently, we aim to work together with ADNOC and others to construct a large-scale clean ammonia plant and commence supply from the second half of the 2020s.
In Australia, we signed a memorandum of understanding with Australian energy provider AGL Energy to conduct a feasibility study on a green hydrogen production project, and we have started the study to enter into this business. Next, I would like to explain our CCUS business. Regarding the development of CO2-enhanced oil recovery technology in Agano City, Niigata Prefecture, we began drilling of wells in June, aiming to commence CO2 injection tests by 2023. In Abu Dhabi, we are aiming to increase CCUS capacity together with ADNOC. As for CCS in our Ichthys LNG project, we are proceeding with the preparatory works and studies aiming to introduce CCS in the late 2020s. In Southeast Asia, we signed memorandum of understanding with PTTEP of Thailand and JGC of Japan to study the potential development of a CCS project in Thailand, starting discussions with relevant parties.
In Japan, we participated in the CCS Long-Term Roadmap Study Group organized by the Ministry of Economy, Trade and Industry, and were involved in discussions to develop policies for the commercialization of CCS, as well as continued field studies, technology development, and others. Please go to the next page. The next topic is our renewable energy initiatives. In February 2022, we acquired a 50% stake in the Luchterduinen offshore wind farm. In March this year, a 15% stake in the Borssele 3/4 offshore wind farm operating off the coast of the Netherlands. Both projects are in stable operation. The Muara Laboh geothermal power project in Indonesia, which we participated in December 2021, is under a stable operation as well, following the acquisition of additional 20% stake in April.
In Japan, we decided to enter the construction phase in June 2022 for the geothermal power project in the Oyasu area, Akita Prefecture, preparing for the start in operation in March 2027. Next is carbon recycling and new business. Regarding methanation business, we are aiming to commence operations at a demonstration facility in the latter half of 2024, and conducting engineering works at present in relation to the construction of the demonstration facility. Regarding artificial photosynthesis, we participated in ARPChem, Japan Technological Research Association of Artificial Photosynthetic Chemical Process, since its launch in 2012, in which our role is to develop the technology for solar hydrogen production using the catalytic reaction. We are currently participating in phase two since March 2022.
As for the forest conservation, we support the Rimba Raya REDD+ project in Indonesia, aiming to acquire carbon credits of 5 million tons over a five-year period. In March 2022, we commenced collaboration with ANZ and Qantas Airways to evaluate a carbon farming and renewable biofuels project. Next is the net production volume in the first half of this fiscal year. Our net production volume was 654,000 barrels per day, up 126,000 barrels year-on-year. This volume is a historical level in the first half. The acquisition of Snorre project, as well as the easing of OPEC+ production cuts, were the contribution among others. We are making progress in our shift from oil to gas, where the current ratio of produced oil versus produced gas is 60/40.
Now, I would like to explain the progress of our management targets and business targets, which are in the medium-term business plan. In our long-term strategy and our medium-term business plan, we set targets to promote the stable supply of energy as well as the measures against climate change. Hence, our basic strategy is adaptive to the recent changes in the business environment, and we recognize that the importance of our role to supply energy stably is increasing more than before. Although there are recent tailwinds in our business environment, such as high oil price and JPY depreciation, we are working in various areas, including continuing the stable production of our Ichthys project, increasing production capacity in Abu Dhabi, and expanding the wind power generation projects in Europe. We are seeing a smooth progress against each business targets and making steady development towards achieving the management targets.
Now, I will explain the first half results of the management and business targets and the forecast for this fiscal year. Net income attributable to owners of parent was JPY 184.4 billion as of the second quarter, and the full year forecast is JPY 350 billion. Cash flow from operations before exploration, including Ichthys Downstream IJV, was JPY 586 billion in the second quarter, and the full year forecast is JPY 960 billion. ROE guidance for the full year is approximately 10.5%. Net debt to equity ratio, including Ichthys Downstream IJV, was 52.4% as of end of Q2, and we expect around 52% at the end of the fiscal year.
Regarding net production volume, we have previously shown the goal to exceed 700,000 barrels per day by 2024. The forecast net production volume for FY 2022 is 619,000 barrels per day. As for the production cost per barrel, we previously set the target of cutting the cost to $5 per barrel or below, and the forecast for fiscal year 2022 is $6.3 per barrel. The GHG net carbon intensity will be shown at the end of the fiscal year. We are continually working to reduce 10% or more versus 2019 over a three-year period. As for safety, we have been able to achieve 0 major accidents in the first half of the fiscal year, and we'll continue such safe operations. The shareholder returns are the following.
Based on the policies set in the medium-term business plan, we maintain the base dividend not falling below JPY 30 per share, target 40% or more total payout ratio, implement share buybacks based on business environment and other factors, and keep our basic policy of stable dividend while we enhance returns based on the growth of our business. Please turn to the next slide. Regarding operating cash flow before exploration, including the Ichthys downstream IJV, our equity method affiliates, we expected approximately JPY 710 billion at the beginning of this fiscal year. The expected cash flow allocation at the beginning of the year was approximately JPY 205 billion for debt reduction, approximately JPY 75 billion for shareholder returns, and approximately JPY 430 billion for growth investments and others.
As shown in the medium-term business plan, the incremental cash flow is expected to be used strategically based on a comprehensive consideration of the progress in business strategy, shareholder returns, financial soundness, and others. In this fiscal year, we expect the operating cash flow before exploration of approximately JPY 960 billion, an increase of approximately JPY 250 billion versus the expectation at the beginning of the fiscal year, and the expected allocation of the increased cash flow is the following. First is debt reduction. Based on the consideration of additional reduction in the interest-bearing debt, we are considering to reduce additionally JPY 90 billion or so compared to the initial target set at the beginning of the year. Second is shareholder returns.
We initially target to increase annual dividend from JPY 54- JPY 60 per share and decided to implement share buyback in the amount of JPY 120 billion at maximum. Thus, the shareholder returns are expected to increase by JPY 125 billion compared to the forecast at the beginning of the fiscal year. Therefore, we expect the return to shareholders to be a total of approximately JPY 200 billion in this fiscal year. Third is growth investment and others. Against the initial forecast of around JPY 430 billion, we expect to have an additional amount of JPY 35 billion or so, which amount is to be used as the source for pursuing the future growth opportunities. This is all for my presentation.
Hello, everyone. I am Daisuke Yamada, and I'm responsible for the finance and accounting division. I would like to explain the financial results for the six months ended June 30th, 2022. This slide outlines the highlights of the financial results for the six-month period. Because the average Brent crude oil price increased significantly by 60.9% year-on-year to $104.94 for the half-year period, net sales increased by JPY 600 billion or by 120.4% year-on-year to JPY 1.0984 trillion. Operating income increased by JPY 360.8 billion or by 161.3% year-on-year to JPY 584.4 billion.
Ordinary income increased by JPY 406.3 billion or by 184.8% year-over-year to JPY 626.1 billion. Furthermore, net income attributable to owners of parent increased by JPY 132.4 billion or by 254.9% year-over-year to JPY 184.4 billion for the six-month period. While higher oil prices and weaker JPY certainly contributed, one of the major factors behind this significant profit increase was the fact that we were able to sustain safe and stable operation and production at the projects that we operate in. For your information, the profit contribution from the Ichthys LNG project was about JPY 130 billion. Next, I'd like to explain net sales in terms of crude oil and natural gas.
Net sales of crude oil increased by JPY 467.8 billion or by 124.6% year-on-year to JPY 843.2 billion. The increase was largely due to the $33.58 or 53.3% year-on-year pickup in the average per barrel unit price of overseas sales that resulted from higher oil prices. Sales volume increased by 15.502 million barrels, or by 28% year-on-year, to 70.956 million barrels for the half-year period. Net sales of natural gas, excluding LPG, also increased by JPY 129 billion year-on-year to JPY 242.4 billion. The increase was due to higher sales volume, in addition to stronger average unit prices of both domestic and overseas sales.
Sales volume increased by 35.466 billion cubic feet, or by 17.4% year-on-year, to 238.76 billion cubic feet for the 6 months. This was because the production volume was lower during the same period last year due to the Ichthys LNG project undergoing a periodic shutdown. The analysis of the year-on-year change in net sales is explained as a waterfall chart on this page. Increases in sales volume, both for crude oil and natural gas, caused net sales to increase by JPY 119.5 billion. Higher unit sales prices of crude oil, in line with the rise in Brent oil price, pushed up net sales by JPY 353.3 billion.
After reflecting weaker JPY and others, net sales of JPY 498.3 billion recorded a year ago increased by JPY 600 billion- JPY 1.0984 trillion at the end of the six-month period this fiscal year. This is a statement of income. I will explain the movements of net income or loss attributable to owners of parent using the waterfall chart in the next few slides. Please refer back to this slide if needed. I'd like to explain the movements in consolidated net income from JPY 51.9 billion recorded at the same period last year to JPY 184.4 billion recorded at the end of the six-month period.
Net sales increased by JPY 600 billion, mainly as a result of the increase in unit sales prices of crude oil resulting from higher Brent oil prices. Cost of sales increased by JPY 213.7 billion, impacting net income negatively, mainly due to sales royalties of crude oil increasing in tandem with the higher net sales of Abu Dhabi crude oil and depreciation expenses increasing as a result of newly recorded asset retirement obligations that relate to domestic production facilities. Exploration expenses and SG&A expenses increased by JPY 11.1 billion and JPY 14.3 billion respectively, both impacting net income negatively. Allowance for exploration remained more or less flat.
Other income and expenses improved by JPY 43.1 billion due to a gain in equity and earnings of affiliates, despite recognizing a loss due to modification of financial assets during the period. The loss due to modification of financial assets resulted from accounting treatment that was based on IFRS related to the Ichthys project loans. After adjusting for equity and earnings of affiliates and tax effect accounting, the impact to consolidated net income came to JPY -19.8 billion. Income tax expenses increased by JPY 269.3 billion due to stronger earnings. When all these factors are netted together, the consolidated net income for the half-year period came to JPY 184.4 billion, increasing by JPY 132.4 billion year-over-year. Next, I would like to explain our consolidated balance sheet.
Total assets at the end of the period came to JPY 6.4237 trillion, increasing by JPY 1.2655 trillion year-on-year, mainly due to an increase in the fixed assets of overseas subsidiaries caused by the weaker JPY. The increase is essentially due to currency translation of dollar-denominated assets caused by the weaker JPY, and hence does not result in much change in regards to the contents of the consolidated balance sheet. For your information, total assets of the Ichthys Downstream Incorporated JV, which is not included in our consolidated balance sheet, came to JPY 4.5259 trillion.
As for liabilities, the weaker JPY caused the total at the end of the six months, including both current and long-term, to increase by JPY 591.5 billion year-over-year to JPY 2.4032 trillion. Net assets came to JPY 4.0204 trillion, increasing by JPY 674 billion year-over-year, due mainly to the increase in translation adjustments caused by the weaker JPY. For your information, total net loans, including net loans of Ichthys downstream IJV, came to approximately JPY 1.9 trillion at the end of the period. Next is the statement of cash flows. The consolidated cash flow statement shown here is based on statutory accounting and hence excludes the cash flows of Ichthys downstream IJV, which is our equity method affiliate.
Net cash provided by operating activities came to JPY 411 billion, increasing by JPY 232.4 billion year-on-year, due to reasons such as the increase in income before income taxes that resulted from higher oil prices, among other reasons. Net cash used in investing activities came to JPY 383.7 billion, increasing by JPY 317.8 billion year-on-year due to reasons such as the increase in the amount of long-term loans made. Net cash used in financing activities came to JPY -12.1 billion, which means that there was an income as compared to JPY 125.4 billion spent last fiscal year, mainly due to the balance of borrowings changing from negative to positive.
Next, I would like to explain about our consolidated financial forecast for the year ending December 31st, 2022.
I would like to first explain the difference between consolidated financial forecast announced in May and actual results for the six months ended June 2022. Regarding the oil price assumption, the initial forecast was $95 per barrel for the first six months, but the actual was $104.9, $9.9 higher than forecast. As for the exchange rate, the initial forecast was JPY 120 to a dollar for the first six months, but the actual was JPY 123.2 , JPY 3.2 depreciation compared to the forecast. Net sales increased by 7.8% due to push in sales from higher oil price and others. Cost of sales increased due to royalties and others, while operating income went up by 9.2% or JPY 49.4 billion.
As for non-operating income/expense, there were factors, including the drop in profit from the Ichthys debt revaluation, while ordinary income increased by 2.1% or JPY 13.1 billion compared to the initial forecast. While the net income attributable to owners of parent went down by 7.8% or JPY 15.6 billion compared to the initial forecast to JPY 184.4 billion due to increase in income taxes and others. Next, I would like to explain the full year forecast.
As for the oil price and exchange rate assumptions, the oil price, which is the base assumption for our company's full year financial forecast, is increased from the initial second half assumption of $75-$85.1, up $10.1 per barrel, while the full year average oil price assumption is $95 per barrel. The oil price is based on a conservative guidance considering the recent market volatility due to the global situation, uncertainty of the world economy and others. As for the exchange rate, based on the recent weakening of the JPY, we revised the initial second half forecast of JPY 120- JPY 126.9 , while the full year assumption is JPY 125 to $1 . As for the full year forecast, they are shown on the slide.
Consolidated net sales are revised up from the initial JPY 1,851 billion- JPY 2,182 billion, up JPY 331 billion or 17.9%. Consolidated ordinary income is revised up from the initial JPY 1,042 billion- JPY 1,255 billion, up JPY 213 billion or 20.4%. Forecasted net income attributable to owners of parent is revised up from the initial JPY 300 billion- JPY 350 billion, up JPY 50 billion. The profit contribution from the Ichthys project is expected to be around JPY 265 billion, up from the initial forecast of around JPY 245 billion or so, which is an increase of around JPY 20 billion.
Regarding the dividend per share for fiscal year 2022, as our president, Mr. Ueda, mentioned earlier, we would like to pay interim dividend of JPY 30 per share at the end of Q2 based on the strong performance in this fiscal year. The year-end dividend forecast is also JPY 30 per share, making a dividend of JPY 60 per share on a full year basis. The differences between the initial forecast and the revised forecast are shown in the waterfall chart based on the impact to the net income attributable to owners of parent. Let me first explain the factors contributing to the difference between the initial forecast of JPY 300 billion and the revised forecast of JPY 350 billion. A positive impact from crude oil price between the initial and revised forecast is JPY 62.4 billion .
A positive impact from JPY depreciation is JPY 13.8 billion. Decrease in exploration expenses is JPY 8.9 billion. Foreign exchange gain due to paid-in capital reduction from a certain project is JPY 7.1 billion. Therefore, a total of JPY 92.2 billion is expected amount of increase due to these factors. On the other hand, the Ichthys debt revaluation is a negative impact of JPY 19.8 billion due to rising interest rates and booking of one-off loss due to revaluation. Production issues in certain projects leading to a negative JPY 15.4 billion. Project related loss of JPY 7 billion. Thus, a total JPY 42.2 billion is a negative factor against the initial forecast.
As a result, we expect net income to increase from the initial JPY 300 billion- JPY 350 billion, up by JPY 50 billion due to these factors. Next, I would like to compare the net sales, ordinary income, and net income attributable to owners of parent for the past five fiscal years, together with our recent initial and revised forecast for fiscal year 2022. Since the V-shaped recovery in fiscal year ended December 2021, we have experienced an increase in oil price and contribution from stable production and sales, as well as continual cost reduction, leading to an increase in our forecast of ordinary income from the previous JPY 1. 042 trillion to the revised JPY 1.255 trillion, up JPY 213 billion.
As net sales forecast is JPY 2.182 billion, all figures, including net sales, ordinary income, and net income attributable to owners of parent, are the highest level compared to the past five fiscal years. Let me cover the sales and investment plan, which serve as the basis for the financial forecast, which I've just explained. The sales volume of crude oil in fiscal year 2022 is expected to increase to 140.915 million barrels, up 7.844 million barrels, or 5.9% compared to the initial forecast.
The sales volume of natural gas is expected to drop to 454.767 billion cubic feet, down 28.09 billion cubic feet, or 5.8% compared to the initial forecast due to drop in sales volume in some projects. Regarding the investment plan, by carefully identifying the effectiveness and optimizing investment, the development expenditures are expected to increase to JPY 421 billion, up 4.2% compared to initial forecast, while the exploration expenditures are expected to drop to JPY 35 billion, down 18.6% due to pushback of schedules in some projects. Just for your information, the forecast of the development expenditures, which I just explained, include the five net zero businesses based on the medium-term business plan. Lastly, I would like to explain the cash flow forecast, including the Ichthys Downstream IJV.
Cash flow from operations before exploration investment is expected to be approximately JPY 960 billion based on the rising oil price and revised oil price assumptions. Cash flow from investment is expected at approximately JPY 450 billion. As a result, the amount of free cash flow we expect to secure in this fiscal year ending December 2022 is approximately JPY 510 billion. That's all for my presentation. Thank you very much.