Inpex expands stake in Australia’s Ichthys LNG project

Inpex, Japan’s largest oil and gas explorer, has exercised its pre-emptive rights to acquire a 0.735% stake in the Ichthys liquefied natural gas (LNG) project in Western Australia from JERA. This move prevents the interest from being transferred to MidOcean Energy, which had previously reached an agreement to purchase the stake.

The transaction will increase Inpex’s total ownership interest in the Ichthys project from 67.82% to 68.555%. The Ichthys project, which began production in 2018, is a major offshore development located approximately 220 kilometers off the coast of Western Australia, with an annual LNG production capacity of 9.3 million metric tons.

Inpex stated that the acquisition aligns with its long-term strategy to expand upstream gas assets and will contribute to energy security in Japan and the wider Asia-Pacific region. JERA, Japan’s largest power generator, confirmed it will sell its entire interest to Inpex. While the Ichthys deal was blocked from transferring to MidOcean Energy, JERA’s separate agreement to sell a 0.417% interest in the Chevron-operated Gorgon LNG project to MidOcean remains unaffected. The completion of the Inpex deal is subject to regulatory approvals from Australian authorities.