TotalEnergies and INPEX have inked a deal with PTTEP to take over the latter’s complete stake in the AC-RL7 permit located in Australia. Pending the nod from concerned authorities, the deal will see TotalEnergies grabbing a 26% share consistent with its equity in Ichthys LNG, while INPEX will command the lion’s share with a 74% stake, also taking on the role of the operator.

Situated in the Timor Sea, the permit encompasses a vast 418 sq.km area, roughly 250 kilometers northeast of the pivotal Ichthys offshore facilities. Notably, this permit shelters the Cash and Maple gas and condensate fields, originally discovered in 2002 and 1989. Following a series of appraisals, plans are now in place to harness these fields to ensure a consistent supply for the Ichthys LNG gas liquefaction facility.

Diving deeper into the ownership stakes at Ichthys LNG, TotalEnergies claims a 26% partnership, while INPEX, along with a few Asian minority shareholders, own the dominant 74%. This deal solidifies TotalEnergies and INPEX’s commitment to catering to the escalating demand for LNG in the Asia-Pacific corridor.

Julien Pouget, Senior Vice President Asia-Pacific, Exploration & Production at TotalEnergies, expressed his enthusiasm, emphasizing the acquisition’s potential to address long-term customer demands. He also hinted at the combined efforts with INPEX under the Bonaparte CCS Assessment joint venture, aiming to explore CO2 geological storage capabilities, all in a bid to reduce CO2 emissions emerging from the Ichthys LNG project.

  AC-RL7 permit, Ichthys LNG project, Inpex, Julien Pouget, Oil and gas news, Timor Sea, TotalEnergies