INPEX CORPORATION (INPEX) announced that the INPEX-operated Ichthys LNG Project (the Project) hosted an event in Darwin in the Northern Territory of Australia on November 16, 2018 commemorating the commencement of Project operations. The event was attended by His Excellency Shinzo Abe, Prime Minister of Japan, The Honourable Scott Morrison MP, Prime Minister of Australia, Senator the Honourable Matthew Canavan, Australian Minister for Resources and Northern Australia, Hiroshige Seko, Japanese Minister of Economy, Trade and Industry, the Honourable Michael Gunner, Chief Minister of the Northern Territory, representatives of the governments of Japan and Australia, Ichthys LNG buyers, financial institutions involved in the financing of the Project, members of the local communities and other Project stakeholders.

Also on November 16, a plaque unveiling ceremony commemorating the startup of the Project’s onshore gas liquefaction plant was held in the presence of Senator the Honourable Simon Birmingham, Australian Minister for Trade, Tourism and Investment, Senator the Honourable Matthew Canavan, Australian Minister for Resources and Northern Australia and Hiroshige Seko, Japanese Minister of Economy, Trade and Industry, among others.

The Project commenced shipment of liquefied natural gas (LNG) in October 2018, and is scheduled to gradually increase its LNG production volume and produce approximately 8.9 million tons of LNG per year, equivalent to more than 10% of Japan’s annual LNG import volume, when it reaches its production plateau. As approximately 70% of the LNG produced by the Project is scheduled to be supplied to Japanese customers, INPEX will further contribute to the stable supply of energy to Japan through the Project and continue to respond to the energy demand in Asia and the rest of the world. The Project has also begun shipment of condensate and liquefied petroleum gas (LPG), and is scheduled to produce approximately 1.65 million tons of LPG per year along with approximately 100,000 barrels of condensate per day, at peak.

INPEX will continue to work toward achieving stable production and an early ramp-up at the Project with the understanding and cooperation of all its stakeholders, including the project’s joint venture partners, the local communities, the Australian federal government and the governments of the Northern Territory and Western Australia.

The Ichthys LNG Project is a large-scale LNG project by global standards, and is expected to be operational over a period of 40 years. In 1998, INPEX acquired an exploration permit in the block where the Ichthys Gas-condensate Field is located, and following development studies including exploration, evaluation and FEED work, the company announced its final investment decision (FID) in January 2012. Thereafter, following the construction of the required facilities, the Project commenced production of gas from the wellhead in July 2018 and thereafter commenced shipment of products in sequence.

About INPEX

INPEX CORPORATION is Japan’s largest exploration and production (E&P) company, and a mid-tier E&P player just behind the world’s oil majors. INPEX is currently involved in approximately 70 projects across more than 20 countries, including the Ichthys LNG Project in Australia as Operator. Through sustainably growing its oil and gas development business, INPEX aims to become a top class international oil and gas E&P Company and continue providing a stable and efficient supply of energy to its customers.