Inpex to acquire Tokyo Gas stake in Ichthys LNG project

Inpex Corp announced on January 11 its intention to acquire Tokyo Gas' 1.575% stake in the Ichthys LNG project in Australia. Through this acquisition, Inpex's project subsidiaries aim to increase their participating interests in the project from 66.245% to 67.82%.

The completion of the acquisition is contingent upon meeting certain conditions, including approval by Australian government regulatory agencies.

The deal encompasses Tokyo Gas's interest in Block WA-50-L and Block WA-51-L, which include the Ichthys gas condensate field, shares of Ichthys LNG (a downstream company owning LNG facilities), and interest in exploration permit WA-285-P.

This agreement stems from Tokyo Gas's decision in October 2022 to sell its interests in a portfolio of four Australian integrated LNG projects for $2.15bn to MidOcean Energy. In compliance with joint operating agreements and shareholder agreements, Tokyo Gas informed participating interest holders of the proposed sale, triggering Inpex's exercise of preemptive rights to acquire Tokyo Gas's participating interest in the projects.

In 2012, Inpex made a final investment decision on the LNG facility, and gas production commenced six years later. The Ichthys LNG project boasts a nameplate capacity of 8.9mn tonnes/year.