INPEX increases its stake in Ichthys LNG project

The strategic move will increase INPEX’s project subsidiaries’ stake in the Ichthys LNG Project from 66.245% to 67.82%. Completion of the acquisition is contingent upon certain conditions, including approval by Australian government regulatory agencies.

According to INPEX, the Ichthys LNG Project is set to generate stable revenue in the long term.

INPEX’s decision to acquire the stake aligns with its business targets and will contribute to energy security in Japan and the Asia-Pacific region.

INPEX stated it remains committed to ensuring stable operations at the Ichthys LNG project by fostering collaboration with all stakeholders, including joint venture participants, local communities, the Australian federal government, and the governments of the Northern Territory and Western Australia.

In 2022, MidOcean Energy, the Australian LNG company formed and managed by investor EIG, agreed to acquire Tokyo Gas’ interests in a portfolio of four Australian LNG projects, spanning the nation’s western and eastern seaboards.

MidOcean aimed to acquire interests in the Gorgon, Ichthys, Pluto and Queensland Curtis LNG projects for total cash consideration of US$2.15Bn. The sale of the Tokyo Gas stake to INPEX is seen by some observers, to have halted, for the time being, MidOcean Energy’s ambitions in the Ichthys LNG Project.