Australia: Total Eyeing More Ichthys Stake

French supermajor Total, plans to increase its stake in the Ichthys LNG project, according to the company’s CEO Christophe de Margerie’s statement given to Japan-based Kyodo News Agency today.

Total would then own 30 % stake in Australia offshore/onshore giant gas project which is 6 % up from the current 24%.

Total’s CEO also noted that the negotiations with INPEX regarding the matter should be finalised soon. INPEX is the operator of the project with 76% stake.

INPEX recently announced that Ichthys Project has been steadily progressing towards the Final Investment Decision (FID) to be made by the end of this year, but admitted that the upcoming holiday season could delay the FID.

INPEX intends to install a floating central processing facility (CPF) to develop the Ichthys Offshore Field. The greater part of the condensate will be transferred from the field via a subsurface pipeline to a nearby floating production; storage and offtake (FPSO) facility where it will be treated and transferred to offtake tankers for export.

Natural gas from the field will be directed through an approximately 850km long gas export pipeline from the field to the onshore facilities in Darwin for processing into LNG and liquefied petroleum gas (LPG).

The resource estimates for the Ichthys Field are 12.8 trillion cubic feet of natural gas and 527 million barrels of condensate.

The Project is expected to produce more than 8 million tonnes of LNG and 1.6 million tonnes of LPG per year. It will also produce 100 000 barrels of condensate per day at peak.

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Offshore Energy Today Staff, December 2, 2011; Image: INPEX