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Inpex Acquires Prelude Stake

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INPEX, through its subsidiary, INPEX Oil & Gas Australia Proprietary Limited, has agreed to acquire a 17.5 percent participating interest in the Prelude floating liquefied natural gas (FLNG) project from Shell Development (Australia) Proprietary Limited, a subsidiary of Royal Dutch Shell, Inpex said Friday. This transaction is subject to the satisfaction of certain conditions including the approval by the Australian government.

The Prelude FLNG Project is located in WA-44-L, approximately 295 miles (475 kilometers) north-northeast of Broome, off the coast of Western Australia, consisting of the Prelude gas field and the Concerto gas field. These gas fields will be developed utilizing a FLNG facility, and will produce at least 3.6 million tonnes per annum of LNG, along with 0.4 million tonnes per annum of LPG (liquefied petroleum gas) and approximately 36,000 bopd of condensate at peak. Shell made the final investment decision on the Prelude FLNG Project in May 2011, and is likely to be the world’s first FLNG project. SDA is now proceeding with the development of the Prelude FLNG Project, targeting its production start-up around 10 years from when the Prelude gas field was first discovered in early 2007.

INPEX is currently preparing for the development of the large-scale Abadi LNG Project in Indonesia as Operator. Planning to utilize FLNG and considering other technical characteristics of the Abadi LNG Project, INPEX selected Shell as the strategic partner for the development, who is a world leader in LNG business and, in particular, of large scale offshore gas development activities. Participating in the Prelude FLNG Project will enhance INPEX’s FLNG experience, and will help in timely delivery of the Abadi LNG project. It will also contribute to promote wider collaborative relationship between INPEX and Shell including the Prelude FLNG Project and the Abadi LNG Project.

INPEX has been participating in several natural gas development and production projects, including LNG projects, throughout the world. For instance, INPEX operated the large-scale Ichthys LNG Project in Australia, for which INPEX made the Final Investment Decision in January 2012, and in addition to this, INPEX participates in, Offshore Mahakam (Indonesia), Bayu-Undan (JPDA), Tangguh LNG Project (Indonesia), Canadian Shale Gas Projects etc. Participating in the Prelude FLNG Project will enhance INPEX’s natural gas (LNG) business, which leads to meeting growing demand of natural gas, an environmentally friendly fuel while optimizing INPEX’s overall asset portfolio.

INPEX will be expanding its exploration and development activities in the Asia-Oceania area as one of its core business areas.

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