INPEX CORPORATION (INPEX) announced it has agreed to transfer 1.2% of its equity interest in the Ichthys LNG Project to Kansai Electric Power Co., Inc. (Kansai Electric Power). The agreed transfer is required to meet all conditions precedent including approval by the Australian Government.

Equity interest in the Ichthys LNG Project includes the following elements:

- Participating interest in production licenses WA-50-L (Ichthys gas-condensate field) and
WA-51-L
- Participating interest in exploration permit WA-285-P (adjacent to WA-50-L)
- Shares of Ichthys LNG Pty Ltd, which owns gas pipelines and downstream liquefaction facilities, and undertakes natural gas liquefaction and marketing activities.

Equity interest owners in the Ichthys LNG Project, in addition to INPEX, include Total, Tokyo Gas, Osaka Gas, Chubu Electric Power and Toho Gas. As announced on June 27, 2013, INPEX also has agreed to transfer 2.625% of equity interest in the project to CPC Corporation, Taiwan. This transfer is now in process.

Ichthys LNG Project equity interest ownership by company following completion of all transfers currently undergoing approval is as follows:

INPEX (Operator) 62.245%
Total 30.000%
CPC Corporation 2.625% (Transfers in process)
Tokyo Gas 1.575%
Osaka Gas 1.200%
Kansai Electric Power 1.200%*
Chubu Electric Power 0.735%
Toho Gas 0.420%

INPEX will continue to work with local communities, the government of Australia, and the authorities of Western Australia and the Northern Territory, as well as all parties involved, to ensure the timely and successful delivery of the project.

About the Ichthys LNG Project

The Ichthys LNG Project is a Joint Venture between INPEX group companies (the Operator), major partner TOTAL and the Australian subsidiaries of Tokyo Gas, Osaka Gas, Chubu Electric Power and Toho Gas. Gas from the Ichthys Field, in the Browse Basin offshore Western Australia, will undergo preliminary processing offshore to remove water and raw liquids, including condensate. The gas will then be exported to the onshore processing facilities in Darwin via an 889 km pipeline. The Ichthys LNG Project is expected to produce 8.4 million tonnes of LNG and 1.6 million tonnes of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak. Detailed Engineering, Procurement and Construction (EPC) of the Ichthys LNG Project is ongoing and production is scheduled to commence by the end of 2016. With an expected operational life of at least 40 years, the Ichthys LNG Project offers rare multi-generational opportunities to communities, economies, businesses, energy markets and its workforce.

About INPEX

INPEX CORPORATION is a worldwide oil and gas exploration and production company based in Tokyo, Japan, with more than 70 active projects across 27 countries. Since 1966, INPEX has been growing steadily, from its core business areas in Australia and Indonesia to the Middle East, the Caspian Sea region, the Gulf of Mexico and North and South America.

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