INPEX boosts stake in Ichthys LNG Project with strategic acquisition
In a strategic expansion of its energy portfolio, INPEX CORPORATION has announced plans to acquire a 1.575% participating interest in the Ichthys LNG Project from Tokyo Gas Co., Ltd. This acquisition, subject to approval by Australian government regulatory agencies, will elevate INPEX’s stake in the project from 66.245% to 67.82%.
Enhancing INPEX’s Position in the Ichthys LNG Project
The acquisition encompasses various assets, including participating interests in Block WA-50-L and WA-51-L, which house the Ichthys Gas-condensate Field. Additionally, shares in Ichthys LNG Pty Ltd, responsible for LNG facilities, natural gas liquification, and marketing activities, along with an interest in exploration permit WA-285-P, are part of the deal.
Tokyo Gas decided in October 2022 to sell its shares in the Australian project subsidiary holding these interests to MidOcean Energy Holdings Pty Ltd. However, INPEX exercised its preemptive rights under the Joint Operating Agreements (JOAs) and Shareholder’s Agreement (SHA) to acquire these interests.
INPEX CORPORATION Acquires Additional Stake in Ichthys LNG Project
The Strategic Significance of the Ichthys LNG Project
The Ichthys LNG Project is a highly competitive venture expected to generate stable long-term revenue. INPEX’s additional stake acquisition aligns with its business targets and strategies as outlined in the “Long-term Strategy and Medium-term Business Plan (INPEX Vision @2022)”. The move is seen as pivotal in ensuring energy security for Japan and the broader Asia-Pacific region.
Commitment to Sustainable Operations and Stakeholder Cooperation
INPEX is committed to sustaining stable operations at the Project, with the support of joint venture participants, local communities, and Australian federal and state governments. The company’s leadership in the project is a testament to its commitment to responsible energy development and collaboration.
The impact of this acquisition on INPEX’s consolidated financial results is expected to be minimal. However, the strategic importance of this deal in strengthening INPEX’s position in the energy market and contributing to regional energy security is significant.