Inpex announced today it has agreed to transfer 1.2% of its equity interest in the Ichthys LNG Project to Kansai Electric Power Co., Inc. (Kansai Electric Power).
The agreed transfer is required to meet all conditions precedent including approval by the Australian Government.
Equity interest in the Ichthys LNG Project includes the following elements: Participating interest in production licenses WA-50-L (Ichthys gas-condensate field) and WA-51-L; Participating interest in exploration permit WA-285-P (adjacent to WA-50-L); Shares of Ichthys LNG Pty Ltd, which owns gas pipelines and downstream liquefaction facilities, and undertakes natural gas liquefaction and marketing activities Equity interest owners in the Ichthys LNG Project, in addition to INPEX, include Total, Tokyo Gas, Osaka Gas, Chubu Electric Power and Toho Gas. As announced on June 27, 2013, INPEX also has agreed to transfer 2.625% of equity interest in the project to CPC Corporation, Taiwan. This transfer is now in process.
The Ichthys LNG Project is a Joint Venture between INPEX group companies (the Operator), major partner TOTAL and the Australian subsidiaries of Tokyo Gas, Osaka Gas, Chubu Electric Power and Toho Gas. Gas from the Ichthys Field, in the Browse Basin offshore Western Australia, will undergo preliminary processing offshore to remove water and raw liquids, including condensate. The gas will then be exported to the onshore processing facilities in Darwin via an 889 km pipeline.
The Ichthys LNG Project is expected to produce 8.4 million tonnes of LNG and 1.6 million tonnes of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak.