Australia's Ichthys Project
The Ichthys Project began as a joint venture between INPEX (76%), a Japanese based oil and gas exploration and production company, and Total (24%), a French based leading LNG producer. However, in December of 2011, Total transferred 1.2% of its equity to Osaka Gas and in January 2012 .42% to Toho Gas; both gas companies are involved in two separate 15 year sales contracts for LNG produced from the Ichthys Project.
INPEX: 74.38% - Chief Operator
INPEX is a global exploration and production company that has been involved in the Australian business community since 1986. Listed on the Tokyo Stock Exchange, INPEX is currently involved in 76 projects spanning 27 countries. In Australia, INPEX is involved in several projects aside from the Ichthys Project: the Ravensworth Project, the Kitan Project, the Bayu-Undan Development, and the Darwin LNG Project.
Total E&P: 24%
Total is a French based leading LNG producer. Total is involved in LNG projects in Indonesia, Nigeria, Norway, Oman, Qatar, United Arab Emirates, Yemen, Angola, and Russia. Present in Australia since 2005, Total has nine offshore exploration licenses in the Browse, Vulcan, and Bonaparte Basins; it operates 4 of the 9 licenses. As well as Total's interest in Australia's Ichthys Project, the company currently maintains 27.5% interest in the Australian based GLNG CSG-LNG Project.
Osaka Gas: 1.2%
Osaka Gas Co., Ltd was the buyer of the 15 year LNG sales contract.
The Australian affiliates of Osaka Gas were the buyers of the Equity share in the Ichthys Project.
Osaka Gas is headquartered in Japan and maintains a customer base close to 7 million. Although a major energy and natural gas supplier in Japan, Osaka is active in the global upstream and downstream sectors with assets in Australia, Oman, UAE, Indonesia, USA, Canada, Spain, and Norway.
Toho Gas: .42%
After Tokyo Gas and Osaka Gas, Toho Gas places as Japan's third-largest supplier of gas. Toho provides natural gas and liquefied petroleum gas to its 2.3 million customers. Through its 26,000 kilometer pipeline, Toho Gas imports most of its natural gas from other markets: Australia, Indonesia, Malaysia, and Qatar.
The development of the Ichthys Field will include several subsea wells tied to a central floating offshore gas processing facility and an FPSO for condensate. As well, a 528 mile subsea pipeline will be built in order to transport the gas to an LNG processing facility in Blaydin Point, Darwin. Overall, the development will cost around $32.5 billion.
When approved, the Ichthys project became Australia's 8th LNG project under construction. The project is expected to produce 8.8 million tons of LNG a year.
The project represents Australia's first long-term sales contract with Taiwan for the supply of Australian LNG. As well, the project is set to be the single largest investment for both a Japanese and French company in Australian resources.
INPEX acquired a petroleum exploration permit WA-285-P in 1998. It wasn't until 2000-2001 that 3 exploratory wells discovered preliminary evidence of a promising gas and condensate field, which came to be known as the Ichthys field (Greek for "fish").
The Ichthys Field is estimated to contain 12.8 trillion cubic feet of natural gas and 527 million barrels of condensate. The operational life of the field is expected to exceed 40 years.
INPEX has remained Operator of the Ichthys Field, but in 2006 it transferred 24% participating interest to Total. A Final Investment decision was reached in January 2012, and construction is scheduled to begin in the second quarter of 2012. The first shipment of LNG is scheduled for 2016.
Gas production will take place at the Ichthys Field, formerly permit WA-285-P, which is located in the Browse Basin located about 124 miles offshore of Western Australia.
A LNG processing facility will be constructed in Blaydin Point, Darwin.
Initial processing will take place offshore to remove water and condensate (raw liquids.) The processed gas will be exported onshore to the LNG processing facility. The Ichthys Field is expected to produce 1.6 million tones of LPG per annum and 100,000 barrels of condensate per day.
This project will broaden the nation's building capacity for its energy industry. Overall, it will introduce new jobs, training/business opportunities, infrastructure, and advance technology. The construction workforce needed in Darwin will peak at 2000 people over five years. Moreover, throughout the project's 40 year life-span, a full-time workforce of 300 people will need to be maintained in order to operate and manage the facility.
INPEX: 74.38% - Chief Operator
INPEX is a global exploration and production company that has been involved in the Australian business community since 1986. Listed on the Tokyo Stock Exchange, INPEX is currently involved in 76 projects spanning 27 countries. In Australia, INPEX is involved in several projects aside from the Ichthys Project: the Ravensworth Project, the Kitan Project, the Bayu-Undan Development, and the Darwin LNG Project.
Total E&P: 24%
Total is a French based leading LNG producer. Total is involved in LNG projects in Indonesia, Nigeria, Norway, Oman, Qatar, United Arab Emirates, Yemen, Angola, and Russia. Present in Australia since 2005, Total has nine offshore exploration licenses in the Browse, Vulcan, and Bonaparte Basins; it operates 4 of the 9 licenses. As well as Total's interest in Australia's Ichthys Project, the company currently maintains 27.5% interest in the Australian based GLNG CSG-LNG Project.
Osaka Gas: 1.2%
Osaka Gas Co., Ltd was the buyer of the 15 year LNG sales contract.
The Australian affiliates of Osaka Gas were the buyers of the Equity share in the Ichthys Project.
Osaka Gas is headquartered in Japan and maintains a customer base close to 7 million. Although a major energy and natural gas supplier in Japan, Osaka is active in the global upstream and downstream sectors with assets in Australia, Oman, UAE, Indonesia, USA, Canada, Spain, and Norway.
Toho Gas: .42%
After Tokyo Gas and Osaka Gas, Toho Gas places as Japan's third-largest supplier of gas. Toho provides natural gas and liquefied petroleum gas to its 2.3 million customers. Through its 26,000 kilometer pipeline, Toho Gas imports most of its natural gas from other markets: Australia, Indonesia, Malaysia, and Qatar.
The development of the Ichthys Field will include several subsea wells tied to a central floating offshore gas processing facility and an FPSO for condensate. As well, a 528 mile subsea pipeline will be built in order to transport the gas to an LNG processing facility in Blaydin Point, Darwin. Overall, the development will cost around $32.5 billion.
When approved, the Ichthys project became Australia's 8th LNG project under construction. The project is expected to produce 8.8 million tons of LNG a year.
The project represents Australia's first long-term sales contract with Taiwan for the supply of Australian LNG. As well, the project is set to be the single largest investment for both a Japanese and French company in Australian resources.
INPEX acquired a petroleum exploration permit WA-285-P in 1998. It wasn't until 2000-2001 that 3 exploratory wells discovered preliminary evidence of a promising gas and condensate field, which came to be known as the Ichthys field (Greek for "fish").
The Ichthys Field is estimated to contain 12.8 trillion cubic feet of natural gas and 527 million barrels of condensate. The operational life of the field is expected to exceed 40 years.
INPEX has remained Operator of the Ichthys Field, but in 2006 it transferred 24% participating interest to Total. A Final Investment decision was reached in January 2012, and construction is scheduled to begin in the second quarter of 2012. The first shipment of LNG is scheduled for 2016.
Gas production will take place at the Ichthys Field, formerly permit WA-285-P, which is located in the Browse Basin located about 124 miles offshore of Western Australia.
A LNG processing facility will be constructed in Blaydin Point, Darwin.
Initial processing will take place offshore to remove water and condensate (raw liquids.) The processed gas will be exported onshore to the LNG processing facility. The Ichthys Field is expected to produce 1.6 million tones of LPG per annum and 100,000 barrels of condensate per day.
This project will broaden the nation's building capacity for its energy industry. Overall, it will introduce new jobs, training/business opportunities, infrastructure, and advance technology. The construction workforce needed in Darwin will peak at 2000 people over five years. Moreover, throughout the project's 40 year life-span, a full-time workforce of 300 people will need to be maintained in order to operate and manage the facility.
