Inpex beefs up stake in Australian LNG project

September 25, 2026, by Melisa Cavcic

Japan’s exploration and production (E&P) company Inpex has moved to solidify its foothold in a liquefied natural gas (LNG) project off the northwest coast of Western Australia (WA), with its Australian subsidiaries taking steps to obtain an additional participating interest by exercising pre-emptive rights.

Ichthys Explorer central processing facility (CPF); Source: Inpex Australia

Inpex’s Australian subsidiaries have entered into agreements with subsidiaries of JERA to acquire 0.735% in the Ichthys LNG project, which will increase their interests in this project from 67.82% to 68.555%. The completion of the transaction is subject to the fulfilment of certain conditions, including approval by Australian government regulatory agencies.

Participating interests entail those in Block WA-50-L and Block WA-51-L, including the Ichthys gas condensate field, and shares of Ichthys LNG downstream company, which owns the gas export pipeline and downstream gas liquefaction facilities, LNG, and conducts LNG marketing and other activities.

The deal stems from JERA’s December 2025 decision to sell shares to MidOcean Energy in its Australian project subsidiary, which holds a 0.735% participating interest in the projects.

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After JERA notified the proposed sale to the project’s participating interest holders, Inpex exercised its pre-emptive rights under the respective joint operating agreements (JOAs) and shareholders agreement (SHA) to acquire the former’s participating interest.

The Japanese firm emphasizes that it will “continue to lead efforts to maintain stable operations at the project with the understanding and cooperation of all its stakeholders, including the project’s joint venture participants, the local communities, the Australian federal government and the governments of the Northern Territory and Western Australia.”

Situated about 220 kilometers off the coast of Western Australia and 820 kilometers southwest of Darwin, the Ichthys field covers an area of around 800 square kilometers in water depths averaging around 250 meters.

An 890-kilometer pipeline exports gas and condensate from the field’s Ichthys Explorer central processing facility (CPF) to onshore facilities for processing near Darwin. After preliminary offshore processing, the field’s gas in the Browse Basin is channelled into the Asia Pacific trunkline.

Earlier this year, Inpex revealed plans to add a third LNG train at the Ichthys LNG project in Darwin, anchored by growing Beetaloo production.