INPEX CORPORATION and TOTAL today confirmed the Final Investment Decision on the US$34 billion Ichthys LNG Project.

INPEX CORPORATION (INPEX) is pleased to announce today that INPEX Ichthys Pty Ltd and other project group companies have reached an agreement with Tokyo Gas Co., Ltd. (Tokyo Gas) to transfer its 1.575% of the Ichthys LNG project equity interest.  

The Australian Government’s decision to grant environmental approval to the Ichthys Project is a welcome step forward and helps pave the way for a final investment decision in the fourth quarter of 2011.

INPEX President Director Australia Seiya Ito said Federal environmental approval represents a significant milestone for the project following a rigorous three-year assessment process, comprehensive environmental studies and extensive engagement with the community and other stakeholders.

INPEX CORPORATION (INPEX) is pleased to announce today that the Ichthys Project Joint Venture has a clear prospect of completing the sales of the entire 8.4 million tonnes per annum of LNG from the Ichthys Project.

The Ichthys Project Joint Venture has reached an agreement with Chubu Electric Power Co., Inc. on LNG sales of 0.49 million tonnes per annum, with Toho Gas Co.,Ltd. on LNG sales of 0.28 million tones per annum and with CPC Corporation, Taiwan on LNG sales of 1.75 million tonnes per annum, from the Ichthys Project over 15 years commencing in 2017.

INPEX CORPORATION President Director Australia Seiya Ito said the Ichthys LNG Project was gaining momentum after securing Major Project Facilitation (MPF) status and Pipeline Licences.

The project has received MPF status from the Federal Government based on plans to pipe gas from the offshore Ichthys Field to processing facilities in Darwin, the Northern Territory.

Mr Ito said that the awarding of MPF status provides a clear indication of the Australian Government’s continued support for the Ichthys Project.

INPEX President Director Australia Seiya Ito welcomes the Northern Territory Government’s announcement that INPEX will be able to proceed with the proposed Ichthys Project and manage its environmental impacts.

"INPEX has made every effort to produce an environmental impact statement that meets the expectations of the Northern Territory community," Mr Ito said.

"The Northern Territory Government has endorsed the Ichthys Project’s approach to managing environmental issues."