Japan to Buy 70 pct of LNG from Ichthys Project

Ichthys Partners INPEX  and TOTAL said that the total volume of 8.4 million tonnes per annum (mtpa) of LNG from the Ichthys Project is to be sold, with approximately 70% of the Ichthys LNG to be delivered to Japan.

Ichthys LNG Pty Ltd, a company jointly owned by INPEX and TOTAL and the seller of Ichthys LNG, today signed a legally binding Sales and Purchase Agreement (SPA) with a consortium of five major Japanese utility companies for LNG from the Ichthys Project totaling 4.0 mtpa.

Under the SPA, Ichthys LNG Pty Ltd will sell LNG for 15 years commencing in 2017 from the Ichthys Project to:

Tokyo Electric Power Company, Inc (1.05 mtpa)

Tokyo Gas Co.,Ltd. (1.05 mtpa)

The Kansai Electric Power Co., Inc. (0.80 mtpa)

Osaka Gas Co.,Ltd. (0.80 mtpa)

Kyushu Electric Power Company Inc. (0.30 mtpa)

This follows the announcement of 24 June 2011 of LNG sales agreements with Chubu Electric Power Company​, Toho Gas Co., Ltd. and CPC Corporation, Taiwan, and also LNG offtake which has already been agreed by an INPEX and TOTAL affiliate.

The Ichthys Project Joint Venture is seeking the continued support from the Australian Government, the Northern Territory Government and other stakeholders for early and optimal commercial gas production from the Ichthys Project.

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.

[mappress]
Offshore Energy Today Staff, December 6, 2011