Inpex to Transfer 1.2% Interest in Ichthys LNG Project to Kansai Electric

Inpex Corp. (Inpex) announced Wednesday it has agreed to transfer 1.2 percent of its equity interest in the Ichthys LNG Project offshore Western Australia 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 June 27, 2013, Inpex also has agreed to transfer 2.625 percent 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 percent equity interest
  • Total: 30.00 percent equity interest
  • CPC Corp.: 2.625 percent equity interest*
  • Tokyo Gas: 1.575 percent equity interest
  • Osaka Gas: 1.200 percent equity interest
  • Kansai Electric Power: 1.200 percent equity interest*
  • Chubu Electric Power: 0.735 percent equity interest
  • Toho Gas: 0.420 percent equity interest

* Transfers in process

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.

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