Bloomberg News

Inpex May Delay Ichthys LNG Decision By Few Weeks to Mid-January

November 18, 2011

Nov. 18 (Bloomberg) -- Inpex Corp. said an investment decision on its $30-billion Ichthys liquefied natural gas venture with Total SA in Australia may be delayed by a couple of weeks to mid-January because of the year-end holidays.

The project “has been steadily progressing toward the final investment decision to be made by the end of this year,” the Tokyo-based oil and gas explorer said in a statement today. “While this remains our target, taking into account administrative constraints during the Christmas season and New Year holiday periods, the decision may slip into mid-January.”

The expected delay won’t hold up Inpex’s plan to produce LNG at the field in the Browse Basin, off the coast of Western Australia state, by late 2016, spokesman Tetsuji Yoshimine said by telephone from Tokyo.

The venture, 76 percent owned by Inpex and the remainder by Paris-based Total, involves the construction of offshore processing facilities and plants in Darwin to produce 8.4 million metric tons of LNG a year, 1.6 million tons of liquefied petroleum gas and 100,000 barrels a day of condensate, a light oil produced in association with natural gas.

The companies also plan to build an 885-kilometer (550 miles) sub-sea pipeline connecting the plants to the gas field.

--Editors: Amit Prakash, Ryan Woo

To contact the reporters on this story: Tsuyoshi Inajima in Tokyo at tinajima@bloomberg.net; Jacob Adelman in Tokyo at jadelman1@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net


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