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Total increases stake in Ichthys LNG

LNG Industry,

Total has acquired an additional 6% interest in the Ichthys LNG project from its partner INPEX. Total’s overall equity stake in the Ichthys LNG project grows from 24% to 30%.

The acquisition does not impact any of the LNG offtake agreements with the entire annual production of LNG (8.4 million tpy) having already been sold for 15 years. Total, through its gas trading subsidiary, will purchase 0.9 million tpy of this LNG.

“We are delighted to have increased our stake which demonstrates our confidence in this world class Ichthys LNG project. This further enhances our presence in Australia and our position as supplier in the Asian LNG market, the fastest growing market offering high value prices linked to oil. This move also consolidates Total’s strategy as a leading LNG player.” declared Yves-Louis Darricarrère, President of Total Exploration & Production.

The transaction remains subject to Australian Authorities approval.

The Ichthys LNG Project

Total and Inpex announced the final investment decision (FID) for the $ 34 billion dollar Ichthys LNG project in Australia in January 2012.

The Ichthys LNG project consists of the development of the Ichthys gas and condensate field offshore North West Australia (lying in 260 m of water depth) and the construction of an 889 km gas transmission pipeline together with an onshore LNG plant near Darwin in the Northern Territory.

Onshore installations will consist of two LNG trains with a capacity of 4.2 million tpy each and facilities for the extraction and the export of LPGs and condensate.

Adapted from press release by Peter Farrell.

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