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INPEX signs LNG sales deals for Prelude FLNG

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LNG Industry,

INPEX Corp. has signed Heads of Agreements (HOAs) with Japan's Tokyo Electric Power Company Inc. (TEPCO) and Japan's Shizuoka Gas Company, Ltd. (Shizuoka Gas) for the sales and purchase of LNG from the Prelude Floating LNG (FLNG) project.

INPEX is the parent company of INPEX Oil & Gas Australia Pty Ltd., a holder of a 17.5% equity interest of 17.5% in the Prelude FLNG project. Prelude is being developed by a subsidiary of Royal Dutch Shell plc (Shell).

This is the first time INPEX will sell LNG produced from an FLNG project

Prelude FLNG is located in Block WA-44-L, approximately 475 km north-northeast of Broome, off the coast of Western Australia, consisting of the Prelude and the Concerto gas fields. These gas fields will be developed utilising FLNG technology, and will produce at least 3.6 million tpa of LNG, 0.4 million tpa of LPG (liquefied petroleum gas) and approximately 36 000 bbl/day of condensate at peak.

INPEX acquired a 17.5% participating interest in the Project in June 2012. Shell holds a 67.5% majority participating interest as the Operator, Korea Gas Corp. holds a 10% participating interest and Taiwan's CPC Corp. holds a 5% participating interest.

The development of the Prelude gas field is proceeding smoothly, and is targeting a production start-up in 2017, around 10 years after the Prelude gas field was discovered in early 2007.

INPEX will continue to negotiate with TEPCO and Shizuoka Gas with regard to the finalisation and execution of the LNG Sales and Purchase Agreements.

Adapted from press release by

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